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Ethereum, will this digital currency surge higher?

Ethereum, will this digital currency surge higher?

January 2, 2018 10:05 am,

Ethereum, from today’s trading session (1st January 2018), is seen to be ranging from USD 750 to USD 780.

We can ascertain a few trends from the price movements:

  • Ethereum price is moving nicely above the $700 support and the 100 hourly simple moving averages.
  • There is a new connecting bearish trend line forming with resistance at $738 on the hourly chart of ETH against USD.
  • The pair is also forming a major horizontal support above the USD 665 level.

Whereas a day prior it was observed and highlighted by experts that:

  • ETH price was trading in a range below the $715 resistance area against the US Dollar.
  • There is a major contracting triangle forming with current support at $665 on the 4-hour chart of ETH against the USD.
  • The pair might soon make the next move and either break $715 or trade below $665.

 

While observing the trends, it was suggested that there was a nice upside move in Ethereum price on a couple of occasions against the US Dollar. The price traded towards the $740 and $750 levels but failed to gain momentum above the mentioned levels. Recently, it traded as high as $740.99 and is currently moving lower. A new connecting bearish trend line with resistance at $738 on the hourly chart of ETH/USD prevented gains.

The pair is now below the 23.6% Fib retracement level of the last wave from the $664.48 low to $740.99 high. It seems like the pair might continue to decline in the near term toward $710-700. However, there is a major support around 710 and the 100 hourly simple moving average. The same $710 support is also around the 38.2% Fib retracement level of the last wave from the $664.48 low to $740.99 high.

In the previous week’s nasty decline below the $500 level, ETH price started recovering against the US Dollar.

The price formed a base above $475 and started correcting higher. It traded above the 50% Fib retracement level of the last major drop from the $865 high to $475 low. It traded with a positive bias and even managed to settle above the $600 level.

However, there was no proper daily close above the $700 level. The price also struggled to move above the 100 simple moving average and $740 on the 4-hours chart.

On the positive side, the pair almost tested the 76.4% Fib retracement level of the last major drop from the $865 high to $475 low. Therefore, there are chances of ETH resuming its upside wave sooner or later above the $740 level.

At the moment, it seems like there is a major contracting triangle forming with current support at $665 on the 4-hour chart of ETH/USD.

It is finally concluded that as of today, if the pair fails to hold the $710 support and the 100 hourly SMA, then there are chances of it testing the $700 handle. Moreover, the 50% Fib retracement level of the last wave from the $664.48 low to $740.99 high is around $702.

The most important support on the downside is around the $665, which held declines on many occasions.

Catch the live ETH pricing here: https://www.ethnews.com/etherlive