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Ethereum Price Technical Analysis – Can ETH/USD Move Higher?

Key Highlights
ETH value is slowly gaining tempo from the $677 swing low in opposition to the United States Dollar.
There is a connecting bullish development line forming with present reinforce at $685 at the hourly chart of ETH/USD (knowledge feed by the use of Kraken).
The pair has to transport above the 100 hourly easy shifting moderate and $710 to realize traction.
Ethereum value is slowly emerging upper in opposition to the United States Dollar and Bitcoin. ETH/USD might climb upper within the close to time period above the $710 degree.
Ethereum Price Resistance
Yesterday, there used to be a drawback transfer, however it used to be contained through the $677 degree in ETH value in opposition to the United States Dollar. The value used to be observed suffering, however patrons succeeded in fighting any primary breakdown against $620. A low used to be shaped at $677 just lately and the fee is recently correcting upper. It has moved above the 23.6% Fib retracement degree of the remaining decline from the $739 prime to $677 low.
However, there are lots of limitations at the upside for patrons round $708-710. The 100 hourly easy shifting moderate is located close to $710. Moreover, the 50% Fib retracement degree of the remaining decline from the $739 prime to $677 low is at $708. Therefore, a destroy above the $708-710 is wanted for patrons to realize upside momentum within the close to time period. Above $710, the following primary resistance is close to $735 and $737. The mentioned $735 degree acted as a resistance on many events, and it’s going to proceed to forestall good points.

On the drawback, there’s a connecting bullish development line forming with present reinforce at $685 at the hourly chart of ETH/USD. The pair stays supported at the drawback round $685. However, it will have to upward push above $710 to keep away from a drawback response within the close to time period.
Hourly MACD – The MACD is gaining tempo within the bullish zone.
Hourly RSI – The RSI is now positioned well above the 50 degree with certain indicators.
Major Support Level – $685
Major Resistance Level – $710
 
Charts courtesy – Trading View
–AltcoinToday.com
Source: Newsbtc
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