Ethereum Price Analysis: ETH pulls back from May 2018 top towards $700 but bulls remain hopeful


  • ETH/USD drops over 2.0% while snapping five-day uptrend.
  • An ascending trend line from November 24 offers immediate support.
  • Sustained trading beyond 200-bar SMA, bullish MACD favor buyers.

ETH/USD consolidates gains from last Thursday while declining to $710.53, down 2.58% intraday, during early Tuesday. Although overbought RSI conditions triggered the crypto major’s pullback from a 31-month high, bullish MACD and a five-week-old ascending trend line favor the bulls. Even so, the quote’s latest weakness eyes the $700 round-figure as imminent support.

As a result, ETH/USD buyers may look for a fresh position around the stated trend line support near $690.

While the recent top near $750 can lure the bulls entering around $690, May 2018 high near $830 can become their ultimate short-term target.

In a case where the ETH/USD keeps rising past-$830, February 2018 peak surrounding $985 and the $1,000 will gain the market’s attention.

Alternatively, the pair’s downside break of the stated support line close to $690 can take rest near December 17 top of $677.

Should ETH/USD sellers keep the reins past-$677, the weekly trend line support near $650 and 200-bar SMA close to $599 will be the key.

ETH/USD four-hour chart

Trend: Bullish

Additional important levels

Overview
Today last price 710.86
Today Daily Change -18.84
Today Daily Change % -2.58%
Today daily open 729.7
 
Trends
Daily SMA20 618.18
Daily SMA50 567.25
Daily SMA100 472.21
Daily SMA200 396.6
 
Levels
Previous Daily High 747
Previous Daily Low 680.9
Previous Weekly High 661.4
Previous Weekly Low 551.45
Previous Monthly High 623.22
Previous Monthly Low 370.5
Daily Fibonacci 38.2% 721.75
Daily Fibonacci 61.8% 706.15
Daily Pivot Point S1 691.4
Daily Pivot Point S2 653.1
Daily Pivot Point S3 625.3
Daily Pivot Point R1 757.5
Daily Pivot Point R2 785.3
Daily Pivot Point R3 823.6

 

 

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