Ethereum is up over 10% and it broke the $700 resistance zone against the US Dollar. ETH price is consolidating gains and it could rally further to $750 and $765.

After forming a support base above $620, Ethereum saw a strong increase above the $650 resistance level. ETH price remained well above $650 level and settled nicely above the 100 hourly simple moving average.

During the increase, there was a break above a rising channel with resistance near $662 on the hourly chart of ETH/USD. It opened the doors for more upsides above the $680 and $700 resistance level. Ether price traded to a new yearly high at $717 before starting a consolidation phase (similar to bitcoin).

It is currently consolidating above the $700 level. It even tested the 23.6% Fib retracement level of the recent increase from the $663 swing low to $717 high.

There are many supports forming on the downside, starting with $690. It is close to the 50% Fib retracement level of the recent increase from the $663 swing low to $717 high. On the upside, the $718-$720 resistance zone is a major hurdle for the bulls.

A clear break above the $720 resistance will most likely open the doors for more upsides. The next major resistance is near the $750 level, above which ether could test $765.

If ethereum fails to surpass the $718 and $720 resistance levels, it could correct lower. An initial support on the downside is near the $695 level.

The first major support is near the $690 level. The main support is now forming near the $650 level. There is also a key bullish trend line forming with support near $655 on the 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.

Major Support Level – $690

Major Resistance Level – $720

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