Ether’s price achieved a new milestone by moving above $1,000 against the US dollar. Both ETH/USD and ETH/BTC are showing bullish signs.
Technically, the 2-hour chart indicators are gaining momentum in the bullish territory.
ETH/USD to Settle above $1,000?
In the Ethereum Forecast 2018 article, we discussed ETH/USD moving above the $1,000 milestone level. The pair gained solid bullish momentum during the past two days, and today it was able to move above the $1,000 level at a few exchanges. As of writing, the average price high was $996.67.
Similarly, ETH/BTC also gained a lot of momentum and was able to move back above 0.0600BTC after completing a correction. The upside move was strong since the pair also broke the 0.0680BTC resistance and is currently approaching the 0.0700BTC level.
Looking at the 30-minute chart of ETH/USD, there is a clear major bullish trend forming above $950.00. The pair traded above yesterday’s high and traded to a new all-time high of $996.67 (average price).
During the upside move, the pair broke the $950.00 resistance to move toward $1,000. Should the current momentum stay intact, there can be more gains in Ether’s price above the mentioned $1,000 level.
Moving up to the 2-hour chart, there are two major bullish trendlines forming with support at $920.00 and $840.00. Both trendlines are significant and are likely to prevent downsides from the current levels.
On the upside, ETH/USD will most likely attempt to move past and settle above $1,000. Above the mentioned $1,000 level, the pair could accelerate gains toward the $1,040 and $1,100 levels.
Important Resistance Levels
$1000.00 and $1100.00
Important Support Levels
$950.00 and $920.00
The RSI is heading into the extreme overbought conditions with no sign of a downside correction.
The MACD is gaining heavy momentum in the bullish zone.
By Aayush Jindal
Guest Analyst ETHNEWS.COM
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