Ethereum surged over 10% and broke the $ 700 resistance zone against the US Dollar. ETH price consolidates gains and could rise to $ 750 and $ 765. Ethereum started a strong rise above the $ 650 and $ 680 resistance levels.

 

The price is currently located at $ 733 and is trading nicely above the 100 hourly simple moving average.

There is a key bullish trend line formed with support near $ 655 on the hourly chart of ETH / USD.

The pair could continue its upward move towards the $ 750 and $ 765 resistance levels.

Ethereum price is rising

Ethereum experienced a strong rise above the $ 650 resistance level after forming a support base above $ 620. ETH price remained well above the $ 650 level and settled nicely above the 100 hourly simple moving average.

During the upward move, there was a break above a rising channel with resistance near $ 662 on the hourly chart of ETH / USD. The price opened the doors for more bullish above the $ 680 and $ 700 resistance levels. Before starting a consolidation phase, Ethereum price rose to a new high from $ 733 per year.

Currently, the price is consolidating above the $ 700 level.

There are many supports on the downside starting at $ 690. On the upside, the $ 718-720 resistance zone is a major hurdle for the bulls, but ETH broke these levels at the time of writing.

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A clear break above the $ 740 resistance will likely open the doors for more bullishness. The next major resistance is near the $ 750 level, where Ethereum can test $ 765.

What are the supported drops in ETH?

If Ethereum fails to cross the $ 740 and $ 745 resistance levels, it can correct at a lower level. Initial downside support is near the $ 695 level.

The first major support is near the $ 690 level. The main support is currently forming near the $ 650 level. There is also an important bullish trend line formed 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.

Support Level – $ 690.

Resistance Level: $ 750.

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