04 Jan Ethereum Price Technical Analysis – ETH/USD Gunning Toward $1000
- 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
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