07 Jan Ethereum Price Weekly Analysis – ETH/USD Target $1105
- ETH price is moving nicely above the $1,000 level and it heading higher against the US Dollar.
- There are two major bullish trend lines forming with support at $990 and $770 on the 4-hours chart of ETH/USD (data feed via SimpleFX).
- The pair might continue to move higher and the next target for buyers is around $1105.
Ethereum price is making a nice move against the US Dollar and Bitcoin. ETH/USD is likely to accelerate higher and it could test the $1105 level.
Ethereum Price Uptrend
There were nasty gains in ETH price this past week as it moved above the $900 and $1000 resistance levels against the US Dollar. There were a couple of swing moves from the $1000 level, but at the last, the price was able to settle above $1000. At the moment, the price is trading nicely above the $1000 level. The best part is the fact that the price has breached the 1.236 extension of the last drop from the $864 high to $475 low.
It has opened the doors for more gains above $1000. On the downside, there are two major bullish trend lines forming with support at $990 and $770 on the 4-hours chart of ETH/USD. The first trend line is the current trend support around $1000. However, the second one is more important around the $770 level since it is close to the 100 simple moving average. The current price action is positive and it seems like more gains are possible above $1000.
The next target could be the 1.618 extension of the last drop from the $864 high to $475 low near $1105. Above $1105, there could be limited gains before there is a correction back toward $1000 or $920.
4-hours MACD – The MACD is solidly placed in the bullish zone.
4-hours RSI – The RSI is moving higher in the overbought levels.
Major Support Level – $990
Major Resistance Level – $1105
Charts courtesy – SimpleFX
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