Ethereum Price Analysis: 5-day EMA offers immediate support amid ETH uptrend towards 31-month high

• ETH/USD extends recovery moves from $688 to intraday high near $735.00.
• Overbought RSI suggests another pullback but immediate EMA, five-week-old rising trend line limits nearby downside.
• Bullish MACD, sustained trading beyond short-term supports keep buyers hopeful.

ETH/USD takes bids near $735.00 as crypto traders begin Wednesday’s session. The Ethereum pair dropped to $688 amid consolidation from a multi-month high before bouncing off 5-day SMA to regain the $700 level.

Although overbought RSI conditions challenge ETH/USD bulls, sustained trading beyond 5-day EMA and an upward sloping trend line from November keep suggesting the quote’s further upside.

In doing so, the monthly high of around $747 can offer an intermediate halt before directing ETH/USD buyers toward May 2018 top near $830. It should, however, be noted that the $800 round-figure may act as a buffer during the rise.

On the contrary, 5-day EMA and the aforementioned support line, respectively around $705 and $685 can have an extra filter of the $700 threshold to restrict the pair’s short-term declines.

If ETH/USD sellers retake controls past-$685, last Wednesday’s low near $550 will be on their radars.

ETH/USD daily chart

Trend: Bullish