Ethereum price analysis: Still has room to run in the short term; bulls may reconsider positioning above 700
|- ETH still has some more legroom to move up.
- $760-70 is the next major hurdle.
Ethereum, the second largest cryptocurrency by market cap, has still some more legs left in this upmove which started at the start of this month, at least in the short term before any major pull back where bulls may have to reconsider their positioning.
ETH/USD is up about a percent at $690 and has been facing resistance at round figure $700 level which has been difficult to cross past for the bulls. Although major resistance is nowhere close - $760-70 levels where its 38.2 percent fibonacci level and long term ascending trendline co-exist.
Immediate resistances for the day though are at $704 and $723 while supports are around $672 and $650 area. Major support is at $610 level - its 23.6 percent fibonacci level from its entire fall from January highs.
ETH/USD daily chart:
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