TA: Ethereum Settles Above $700, Why ETH Could Surge To $765

TA: Ethereum Settles Above $700, Why ETH Could Surge To $765:

(NewsBTC) 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.

• Ethereum started a strong increase above the $650 and $680 resistance levels.
• The price is now trading nicely above $700 and the 100 hourly simple moving average.
• There is a key bullish trend line forming with support near $655 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair could resume its upward move towards the $750 and $765 resistance levels.

Ethereum Price Settles Above $700

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.

Source: ETHUSD on TradingView.com

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.

Continue to read the full report at NewsBTC.