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.
Ethereum surged over 25% and it even broke $1,000 against the US Dollar. ETH price is trading in a strong uptrend and the monthly chart suggests a test of $1,200 in the near term.
- Ethereum is surging and it broke many hurdles near $800 and $900.
- The price is now trading above the $1,000 level and the 100-month simple moving average.
- There was a break above a couple of bullish continuation patterns near $500 on the monthly chart of ETH/USD (data feed via Kraken).
- The pair is likely to continue higher above the $1,050 and $1,120 resistance levels in the near term.
Ethereum Price Surges 25%
In the past two days, there was a massive increase in Ethereum above the $700 resistance level. ETH price gained over 25% and it broke many important hurdles near the $800 zone.
To start with, there was a break above a couple of bullish continuation patterns near $500 on the monthly chart of ETH/USD. It opened the doors for a steady increase above $600 and $700. There was also a decent close above the $750 level and the 100-month simple moving average.
Ether price climbed nicely above the 50% Fib retracement level of the main decline from the $1,595 all-time high to $82 swing low. The price is now trading nicely above the $950 and $1,000 levels.
Source: ETHUSD on TradingView.com
It is testing the 61.8% Fib retracement level of the main decline from the $1,595 all-time high to $82 swing low. It seems like the bulls are eyeing a clear break above the $1,050 and $1,080 levels. If they succeed, the next major stop for them could be near the $1,200 level or $1,238.
The 76.4% Fib retracement level of the main decline from the $1,595 all-time high to $82 swing low is near $1,238 to act as a short-term hurdle. Any more upsides might call for a push towards the $1,595 all-time high (formed on Kraken).
Dips Supported in ETH?
If ethereum fails starts a downside correction, an initial support on the downside might be near the $950 level. The first major support is near the $920 level.
The main breakout zone was near $840, which is now likely to act as a strong support. Any more losses might call for a test of the $750 level.
Technical Indicators
Monthly MACD – The MACD for ETH/USD is gaining pace in the bullish zone.
Monthly RSI – The RSI for ETH/USD is now above the 60 level.
Major Support Level – $840
Major Resistance Level – $1,238
