- Ethereum hit the $950 mark today, and the cryptocurrency could be headed toward $1,000 soon
- ETH surpassed $980 over the weekend, signaling recovery is going well and continuing
- ETH price is holding down a major resistance at $946
Ethereum Gains Momentum, Further Upside Ahead
Ethereum continued its momentum from last week, with its price reaching a high of $956 earlier today. During the weekend, ETH was able to break above $980, but has since cooled down. Nevertheless, a move toward $1,000 seems imminent.
However, in the short term, we will likely see a downward move as the cryptocurrency tests a major support at $936. Any rebound after this downward trend will see ETH test a resistance of $946 — this is its upside for the following hours.
The good news is that the candlestick patterns are showing a bullish reversal. This is also backed by the RSI indicator, which is around the 40 level, showing that Ethereum is till underbought. The MACD indicator is not telling anything meaningful at the moment, but no weak signs are noticeable.
Looking at the Technical Indicators:
- Hourly MACD — No bearish signals
- Hourly RSI — ETH is in a bullish zone
- Major Support Level — $936
- Major Resistance Level — $946
Featured Image: twitter