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Ethereum started a new increase from the $ 700 zone against the US Dollar. ETH price retested the $ 745 resistance and will likely attempt an upward breakout above $ 750.
Ethereum continued to bid above $ 695 and climbed above $ 720.
The price is currently trading well above $ 720 and the 100 hourly simple moving average.
There is an important bullish trend line formed with support near $ 720 on the hourly chart of ETH / USD.
The pair is likely to continue to rise above the $ 745 and $ 750 resistance levels in the near term.
Ethereum price gains momentum
There was a minor correction below the $ 720 support level in Ethereum. However, declines were limited below the $ 700 level. ETH price continued to bid above $ 695 and the 100 hourly simple moving average.
There was a decline near $ 693 before the price moved above $ 720. The last swing was around $ 703 before the major upward move above the $ 730 level. The price even broke the $ 740 level, but struggled to clear the $ 745 resistance level.
A high has formed around $ 747 and the price is currently correcting lower.
The first major support is near the $ 725 level. There is also an important bullish trend line formed with support near $ 720 on the hourly chart of ETH / USD.
On the upside, the $ 740 and $ 745 levels are major hurdles. When there is a close above the $ 750 level, Ethereum price is likely to go higher. The next major resistance on the upside could be $ 780. Any further gains could push the price up to $ 800.
Downward movements in ETH
If Ethereum cannot cross the $ 745 hurdle, it could correct the lower level. Initial support on the downside is near the $ 725 pivot level.
In the event of a downward break below the trend line support, the price may come to the support zone of $ 700 in the near term.
Technical indicators
Hourly MACD – The MACD for ETH / USD is showing positive signs in the bullish zone.
Hourly RSI – The RSI for ETH / USD is currently shifting towards the 50 level.
Support Level – $ 720.
Resistance Level: $ 745.
