18 December 2017, 11:02
Dragan Drenjanin

ETH/USD Touched an All-New High This Week

With a steep bullish run, ETH/USD touched a record high at $750. But as usual, it had to face the peak resistance. Though the token plunged to $637, the support there acted as a pivot. But the token had to face new resistances at $700 and $720 respectively. Strong support was also formed at $677.

Key Highlights:
  • ETH/USD touched an all-new high this week with a steep bullish run
  • The pair gained around 48 percent week-on-week and is currently pushed by the resistance at $720
  • ETH/BTC appreciated 23 percent over the week and currently trading around 0.0375 BTC

The Fibonacci retracement is also at 38.2 percent due to the recent dip. Stoch and RSI are also approaching the overselling zone which indicates exhaustion among the sellers. 100 SMA is above 200 SMA. The pair still has a strong support at $677 and if it can breach the resistance at $720, it is most likely to go higher. Buyers are also jumping to take the advantage of any dip.

Against Bitcoin, the coin reached 0.0455 BTC from 0.0312 BTC in the early week. A major midweek support formed around 0.0352 which checked any further dip. The pair also faced multiple levels of resistances and currently trading around 0.0375 BTC. Overall, the pair gained 23 percent over the week.

Share it with friends: