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Dec, 26th 15:28

Ethereum price looks like it has completed a correction against the US Dollar and Bitcoin. ETH/USD might recover further above $700 in the near term. The price corrected from the $860 level where it faced sellers and started a downside move towards 495. The downside move appears to have been a correction wave mainly, as it has strongly bounced back and remains supported above the $570 level. The market has started trading above the 78.6% Fibonacci retracement level (from 174.74 to 860.95). The RSI is moving higher and is nicely placed above the 50 level. The MACD is moving back into the bullish zone. Major resistance is at 786 and support is at 700.

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