ETH/USD price analysis December 29

29.12.2020 11:12:39

After the price of Ethereum rose above $720, it gained additional momentum and was able to peak at $747. But after that, the correction began and the price came close to the mark of $700. At the time of publication, the pair ETH/USD pair is trading in the area of $730 and remains above the 100-hour moving average.

On the hourly chart, the pair ETH/USD has formed a medium-term trendline with support at $675 and short-term support at $700.

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In the current situation, the immediate support for the pair ETH/USD is at the level of 700. Below this level, the first support is located at 684. Moreover, on the hourly chart of the pair ETH/USD, a major bullish trend line is forming with support of around $675. The 100-hour MA is in the $670 area, so this level provides support for the pair ETH/USD and will not allow bears to push the price lower.

If Ethereum stays above the level of $720, it has a chance to start new growth. In this case, the first resistance level is around $740. In case of a breakdown of this level, we will see an increase in the $750 area.