Ethereum is up more than 10% and broke the USD 700 resistance zone against the US dollar. The ETH price is consolidating gains and it could rise further to USD 750 and USD 765.
- Ethereum started a surge above the USD 650 and USD 680 resistance levels.
- The price is now trading nicely above $ 700 and the 100 simple hourly moving average.
- A major bullish trendline is forming with support at $ 655 on the ETH / USD hourly chart (data feed via Kraken).
- The pair could resume its upward move towards the USD 750 and USD 765 resistance levels.
Ethereum price drops below $ 700
After forming a support base above USD 620, Ethereum saw a strong growth above the USD 650 resistance level. The ETH price remained well above the USD 650 level and settled nicely above the 100 hourly easy moving average.
During the rise, there was a break above a bullish channel with resistance near USD 662 on the ETH / USD hourly chart. It opened the doors for more gains above the USD 680 and USD 700 resistance levels. Ether price traded to a new annual high of USD 717 before a consolidation phase began (similar to bitcoin).
It is currently consolidating above the USD 700 level. It even tested the 23.6% Fib retracement level of the recent rise from the $ 663 swing low to the $ 717 high.
Source: ETHUSD on TradingView.com
There are many supports at the downside, starting at USD 690. It is close to the 50% Fib retracement level from the recent rise from the swing low of USD 663 to USD 717 high. On the upside, the USD 718 – USD 720 resistance zone is a big hurdle for the bulls.
A clear break above the USD 720 resistance will most likely open the doors to more benefits. The next big resistance is near the USD 750 level, above which ether could test USD 765.
Dips supported in ETH?
If ethereum fails to surpass the USD 718 and USD 720 resistance levels, it may correct lower. An initial support on the downside is near the USD 695 level.
The first major support is near the USD 690 level. The main support is now forming near the USD 650 level. A major bullish trendline is also forming with support near USD 655 on the same chart.
MACD per hour – The MACD for ETH / USD is slowly gaining momentum in the bullish zone.
RSI per hour – The RSI for ETH / USD is currently well above the 50 level.
Major Support Level – $ 690
Major Resistance Level – $ 720