In Ethereum, a small downside correction was below the $720 support level. However, dips below the $700 mark were limited. The price of ETH stayed well above $695 and the 100 hourly moving average.
Before the price rose back above $720, a swing low was built around $693. Prior to the major upward step above the $730 level, the last swing low was around $703. The price also broke the level of $740, but it failed to clear the resistance level of $745. A high near $747 has been created and the price is currently lower. The $735 mark broke it. The latest rise from the $703 swing low to $747 high has saw a break below the 23.6 percent Fib retracement level.
Accordong to newsbtc.com, near the $725 level is the first major support. There is also a main bullish trend line developing on the ETH/USD hourly chart with support around $720. The trend line correlates with the latest improvement in the 50 percent Fib retracement range from the $703 swing low to the $747 maximum.
The $740 and $745 levels are significant obstacles on the upside. When a near above the $750 level is achieved, the price of ether is expected to accelerate higher. On the upside, the next big resistance could be $780. Any more gains could carry the price to the level of $800.
If ethereum fails to clear the hurdle of $745, it could lower the correction. The initial downside support is around the pivot stage of $725, followed by $720. A downside fall below the support of the trend line could lead the ether price in the near term towards the $700 support zone and the 100 hourly SMA.