- ETH price is moving nicely and it recently traded close to the $1000 level against the US Dollar.
- There is a monster bullish trend line forming with support at $960 on the hourly chart of ETH/USD (data feed via SimpleFX).
- The pair might continue to move higher and there are chances of more gains above $1000 in the near term.
Ethereum Price Upside Move
There was no stopping ETH price as it moved above the $970 resistance against the US Dollar. The price traded close to the $1000 level and formed a new high at $991.59. Later, a downside move was initiated and the price dropped by around $80 to trade as low as $910.50. Buyers appeared above the $900 level and prevented further declines in ETH. A fresh upside wave was initiated and the price moved above the $950 level.
It was successful in breaking the 50% Fib retracement level of the last drop from the $991 high to $910 low. On the downside, there is a monster bullish trend line forming with support at $960 on the hourly chart of ETH/USD. The pair is likely to continue higher toward $1000 in the near term. It could even break it to gain traction toward $1100. At the moment, it is struggling to settle above the 76.4% Fib retracement level of the last drop from the $991 high to $910 low. Once it succeeds, there can be a push above $1000.
If there is a correction from the current levels, the $950 and $960 support levels are likely to prevent declines.
Hourly MACD – The MACD is gaining traction in the bullish zone.
Hourly RSI – The RSI is currently well above the 50 level and is showing a lot of positive signs.
Major Support Level – $950
Major Resistance Level – $1000
Charts courtesy – SimpleFX
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