RATE Group | Ethereum Price Technical Analysis – ETH/USD Gaining Momentum
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Ethereum Price Technical Analysis – ETH/USD Gaining Momentum

30 Apr Ethereum Price Technical Analysis – ETH/USD Gaining Momentum

Posted at 05:43h in Ethereum News by

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Key Highlights

  • ETH price gained traction recently and moved above the $680 resistance against the US Dollar.
  • There is a key connecting bullish trend line forming with support at $680 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair is positioned nicely above the $680 support and the 100 hourly simple moving average.

Ethereum price is back in a bullish zone against the US Dollar and Bitcoin. ETH/USD may continue to move higher and it could soon break the $712 high.

Ethereum Price Trend

A positive bias was initiated from the $625 support area in ETH price against the US Dollar. The price started an upside move and moved above the $645 and $660 resistance levels. It also moved above the 23.6% Fib retracement level of the last decline from the $712 swing high to $594 low. It indicates that the price may accelerate higher and it could soon break the last swing high at $712.

The upside move was such that the price even cleared the 76.4% Fib retracement level of the last decline…

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