- ETH / USD falls over 2.0% while breaking the five-day uptrend.
- An ascending trendline from November 24 offers immediate support.
- Trading supported above 200 bar SMA, the bullish MACD favors buyers.
ETH / USD consolidates last Thursday’s gains while declining to $ 710.53, down 2.58% intraday, early Tuesday. Although the overbought conditions of the RSI triggered the crypto major’s pullback from a 31-month high, the bullish MACD and a five-week ascending trendline favors the bulls. Even so, the latest weakness in the quote sees the round number of $ 700 as impending support.
As a result, ETH / USD buyers may look for a new position around the declared trendline support near $ 690.
While the recent high near $ 750 may draw bulls to around $ 690, the May 2018 high near $ 830 may become their ultimate near-term goal.
In a case where ETH / USD continues to rise above $ 830, the February 2018 peak around $ 985 and the $ 1000 will grab the market’s attention.
Alternatively, the downside breakout of the declared support line near $ 690 may take a rest around December 17th at the high of $ 677.
If ETH / USD sellers hold the reins above $ 677, weekly trendline support near $ 650 and a 200 bar SMA near $ 599 will be key.
ETH / USD Four Hour Chart
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