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
Author
Anil Panchal
FXStreet
Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.
