Ethereum is up over 10% and has broken the USD 700 resistance zone against the US dollar. ETH price is consolidating gains and could continue to climb to $ 750 and $ 765, respectively.
- Ethereum started a sharp surge above the USD 650 and USD 680 resistance levels.
- The price is now trading well over $ 700 and the 100 hour simple moving average.
- A major bullish trendline is forming on the hourly chart of ETH / USD (data feed via Kraken) with support near USD 655.
- The pair could continue its uptrend towards the $ 750 and $ 765 resistance levels.
The price of the Ethereum is over $ 700
After establishing a support base above USD 620, Ethereum saw a sharp rise above the USD 650 resistance level. The ETH price stayed well above the $ 650 level and was well above the 100-hour simple moving average.
During the rise there was a break above a rising channel with resistance near USD 662 on the hourly ETH / USD chart. It opened the doors to further upside moves above the USD 680 and USD 700 resistance levels. Before a consolidation phase began (similar to Bitcoin), the price of ether hit a new annual high of USD 717.
It is currently consolidating above the $ 700 level. It even tested the 23.6% fib retracement level of the recent surge from $ 663 to $ 717.
Source: ETHUSD on TradingView.com
There are plenty of supports on the downside, starting at $ 690. It is close to the 50% fib retracement level of the recent spike from $ 663 to $ 717. On the upside, the $ 718-720 resistance zone is a major hurdle for the bulls.
A clear break above the USD 720 resistance will most likely open the doors for further upside move. The next major resistance is near the $ 750 level above which ether could test $ 765.
Dips supported at ETH?
If the Ethereum doesn’t cross the $ 718 and $ 720 resistance levels, it could correct lower. Initial support on the downside is near the USD 695 level.
The first major support is near the $ 690 level. The main support is now forming near the $ 650 level. There is also an important bullish trendline forming with support near $ 655 on the same chart.
Technical indicators
Hourly MACD – – The MACD for ETH / USD is slowly gaining momentum in the bullish zone.
Hourly RSI – – The RSI for ETH / USD is currently well above the 50 level.
Main support tier – $ 690
Main Resistance Level – $ 720
