Ether’s price surged higher with bullish moves against the US dollar and bitcoin. ETH/USD seems to be back in a bullish trend with a break above $1,000.00.
Ether’s Price is Back in Bullish Zone
The market opened on a positive note today since ETH/USD broke a key resistance at $1,000.00. The pair is likely to see further gains.
Similarly, there were bullish moves in ETH/BTC. The pair held the 0.0900BTC support and is currently trading above the 0.0920BTC level.
Looking at the 2-hour chart of ETH/USD, there was a break above a significant bearish trendline with resistance at $980.00. The pair formed a base above $900.00 and traded above the 23.6 percent Fibonacci retracement level of the last decline from the $1,164.63 high to $908.57 low.
The next major resistance on the upside is around $1,100.00. An intermediate hurdle is $1,060.00 and the 61.8 percent Fibonacci retracement level of the last decline from the $1,164.63 high to $908.57 low.
Dropping down to the 30-minute chart, ETH/USD is following a connecting bullish trendline with support at $1,030.00. The pair is currently correcting lower from the recent high of $1,060.85.
The previous resistance around $1,010.00-1,020.00 will most likely act as a support in the short term. If there is an extended correction, the price is likely to find strong bids near $980.00.
On the upside, Ether’s price needs to overcome the $1,060.00 resistance to challenge the $1,100.00 level. Above $1,100.00, the price will most likely accelerate quickly toward $1,180.00.
To summarize, Ether is back in the bullish zone and as long as the price is above $980.00, it could continue to move higher.
Important Resistance Levels
$1,060.00 and $1,100.00
Important Support Levels
$1,010.00 and $980.00
2-hour RSI
The RSI is about to move above the 50 level.
2-hour MACD
The MACD has moved from the bearish to bullish zone with positive signs.
