There was an upside rise in the price of bitcoin over $ 29,000, bringing Ethereum above the level of resistance of $ 740. The price of ETH also soared above the $750 mark and settled nicely above the simple moving average of 100 hourly.
Before starting a downside correction, it traded to a yearly high at $758. A break below the $750 level occurred. In the recent rise from the $715 swing low to $758 high, the price of Ether also spiked below the 50 percent Fib retracement mark.
However, The bulls were capable to protect the $730 zone. The price of the recent rise from the $715 swing low to $758 high has stayed steady above the 61.8 percent Fib retracement mark.
According to newsbtc.com, it seems that on the ETH/USD hourly scale, there is a big bullish breakout trend forming with resistance around $760. The pair is currently consolidating around $730 and may be looking for a new rise above the level of $750. A strong break above the level of resistance of $760 could open the doors in the near term for further upsides. In the case stated, a test of $800 is likely to be aimed at the bulls.
If ethereum fails to clear the resistance zone of $760, it could lower the correction. Near the lower trend line triangle and $738, an initial support on the downside.
A downside fall below the trend line of triangle support could lead the price of ether towards the support zone of $720. In the near term, any more losses may call for a drive towards the $705 level and the 100 hourly SMA.
