There has been a huge rise in Ethereum above the $700 resistance mark in the past two days. The price of ETH gained over 25 percent and crossed several major barriers near the $800 zone.
To begin with, there was a break on the monthly ETH/USD chart over a pair of bullish continuation trends around $500. For a gradual rise above $600 and $700, it opened the window. There was also a good close above the amount of $ 750 and the simple moving average of 100 months.
The price of Ether climbed well above the 50 percent Fib retracement stage of the major fall from the all-time high of $1,595 to the swing low of $82. The price is now trading nicely above the rate of $950 and $1,000.
The 61.8 percent Fib retracement stage of the primary drop from the $1,595 all-time high to the $82 swing low is being tested. The bulls appear to be targeting a clear break above the $1,050 and $1,080 stages. If they succeed, close to the $1,200 mark or $1,238 may be the next big stop for them. To serve as a short-term hurdle, the 76.4 percent Fib retracement stage of the main decrease from the $1,595 all-time high to $82 swing low is close to $1,238. Any more upsides could call for a drive to the $1,595 all-time high.
