Ethereum Price Watch – ETH/USD Breaks Above Resistance, Soars Past $900

Ethereum Price Watch

Key Highlights:

  • ETH broke above a major resistance of $850 today, soaring past $900
  • Further gains are expected in the short run
  • Another major bullish trend has been established

ETH Soars Past $900, Further Gains Expected

On Wednesday, ETH broke above its previous resistance at $850 and soared past $900, reaching as high as $918 earlier in the day. This marks the second time in a week that it managed to break through the $900 level, but this time it seems like further gains are ahead rather than another reversal.

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During the day, two major bullish trend lines were formed (as shown in chart), the latter of which has established a short-term support at $895. A triangle pattern has also formed following a peak of $918, and it’s likely that ETH will trade between $900 and $910 for a while. This is good news for Ethereum investors as it is more likely to go back up rather than drop down to $850 once again.

Source: Tradingview

The MACD indicator showed a bullish signal earlier, coinciding with the start of the bull trend. Going forward, a resistance of $920 must be tested for ETH to return to $1,000.

Looking at the Technical Indicators:

  • Hourly MACD — ETH is in a bullish zone
  • Major Resistance Level — $920
  • Major Supply Level — $895

Featured Image: Depositphotos/© albund

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