Reason to trust

How Our News is Made
Strict editorial policy that focuses on accuracy, relevance, and impartiality
Ad discliamer
Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.
Key Highlights
- ETH price is surging higher and it recently moved above the $900 level against the US Dollar.
- There is a crucial bullish trend line forming with support at $890 on the hourly chart of ETH/USD (data feed via SimpleFX).
- The pair remains in a super bullish trend and it is likely to move toward $1000 in the near term.
Ethereum price is gaining upside momentum against the US Dollar and Bitcoin. ETH/USD may soon make an attempt to break $1000.
Ethereum Price Trend
There were continuing gains in ETH price from the $800 swing low against the US Dollar. The price gained upside momentum and was able to move above the $850 and $860 resistance levels. The upside move was strong since the price was able to move above the $900 level. A new all-time high was formed at $946.71 from where the price started a downside correction.
It recently tested the 23.6% Fib retracement level of the last upside leg from the $813 low to $946 high. On the downside, there are many support levels such as $900 and $890. There is also a crucial bullish trend line forming with support at $890 on the hourly chart of ETH/USD. The same trend line support is around the 38.2% Fib retracement level of the last upside leg from the $813 low to $946 high. Therefore, if the pair corrects lower, it will most likely find buyers around $900 and $890.
On the upside, the recent high near $946 is a short term resistance. Above the mentioned $946 level, the price is likely to accelerate towards the $1000 handle. It would be interesting to see how the price reacts around $1000 and whether buyers can keep the upside momentum intact.
Hourly MACD – The MACD is placed nicely in the bullish zone.
Hourly RSI – The RSI is currently correcting lower from the 70 level.
Major Support Level – $900
Major Resistance Level – $950
Charts courtesy – SimpleFX
Thank you