- ETH price corrected sharply lower after trading to a new high at $864.53 against the US Dollar.
- A bullish trend line with current support at $715 acted as a buy zone on the hourly chart of ETH/USD (data feed via SimpleFX).
- The pair is currently moving higher and is attempting an upside break above $800.
Ethereum price is placed nicely in the bullish zone against the US Dollar and Bitcoin. ETH/USD may soon break $800-805 once again for more gains.
Ethereum Price Support
There were heavy swing moves in ETH price recently above $700 against the US Dollar. The price gained solid momentum, moved above the $800 level and traded to a new high at $864.53. Later, the price failed to retain momentum and started a downside below $800. There was a sharp downside reaction and the price broke the $750 and $720 support levels as well. The decline was nasty and the price finally found support around $700 and the 100 hourly simple moving average.
Moreover, a bullish trend line…