Ethereum has risen more than 12% in the last 24 hours, breaking the $ 700 resistance zone against the US dollar. The ETH price consolidates gains and could rise to $ 765 after $ 750.
Ethereum launched a strong increase above the resistance levels of $ 650 and $ 680. The price is currently trading nicely above the $ 700 and 100-hour simple moving average. The hourly ETH / USD chart has a significant upward trend line with support close to $ 655. The pair can maintain their upward movement towards resistance levels of $ 750 and $ 765.
Ethereum Price Was Over $ 700
Ethereum saw a strong rise above the $ 650 resistance level after building a support base above $ 620. The price of ETH remained well above the $ 650 level and settled above the 100-hour simple moving average.
During the increase, there was a break in the ETH/USD hourly chart above a channel that rose with resistance around $ 662. $ 680 and $ 700 opened the doors for further rises above the resistance level. Before embarking on a consolidation phase, the price of ETH hit an annual high. There's plenty of support going down, starting at $ 690.
According to analyst Aayush Jindal of NewsBTC, a net break in ETH above the $ 720 resistance would likely open the doors for further upswing. The next big resistance is close to the $ 750 level, where ether can test $ 765. ETH is currently trading above the mentioned resistance of $ 720.
Is there a decline in ETH?
If Ethereum can't stay above the $ 720 resistance level, it can fix it. Initial negative support is close to $ 695. The first big support is near the $ 690 level. The main support is currently forming near the $ 650 level. On the same chart, there is also a significant upward trend line formed with support close to $ 655.
• Hourly MACD: the MACD for ETH/USD is gradually gaining momentum in the bullish zone.
• Hourly RSI: for ETH / USD, the RSI is currently well above the 50 level.