Ethereum was up more than 25% and even broke $ 1,000 against the US dollar. The ETH price is trading in a strong uptrend and the monthly chart suggests a short term test of $ 1,200.
- Ethereum is rising and it broke many hurdles near USD 800 and USD 900.
- The price is now trading above the USD 1,000 level and the simple 100-month moving average.
- There was a break above a few bullish continuation patterns at $ 500 on the ETH / USD monthly chart (data feed via Kraken).
- The pair is likely to remain above the USD 1,050 and USD 1,120 resistance levels in the near term.
Ethereum price rises by 25%
In the past two days, there was a massive rise in Ethereum above the USD 700 resistance level. The ETH price gained more than 25% and it broke a lot major hurdles near the $ 800 zone.
For a start, there was a break above a few bullish continuation patterns near $ 500 on the ETH / USD monthly chart. It opened the doors for a steady rise above USD 600 and USD 700. There was also a decent close above the USD 750 level and the simple 100-month moving average.
Ether price climbed nicely above the 50% Fib retracement level of the key drop from the $ 1,595 all-time high to the $ 82 swing low. The price is now trading nicely above the USD 950 and USD 1,000 levels.
Source: ETHUSD on TradingView.com
It tests the 61.8% Fib retracement level of the key drop from the $ 1,595 all-time high to the $ 82 swing low. It looks like the bulls are seeing a clear break above the USD 1,050 and USD 1,080 levels. If they pass, the next big stop for them could be near the USD 1,200 level or USD 1,238.
The 76.4% Fib retracement level of the key drop from the $ 1,595 all-time high to the $ 82 swing low is near $ 1,238 and is acting as a short term hurdle. Even more perks could call for a push to the $ 1,595 all-time high (formed on Kraken).
Dips supported in ETH?
If ethereum fails a downside correction kicks in, then an initial support downside could be near the USD 950 level. The first major support is near the USD 920 level.
The main escape zone was near USD 840, which is likely to act as a strong support right now. Even more losses may require a test of the $ 750 level.
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 – USD 840
Major Resistance Level – $ 1,238