Technically, the daily chart indicators remain elevated in the bullish territory.
ETH/USD to Break Past $1000?
It was an amazing year for Ethereum supporters as ETH/USD achieved many important milestones such as breaking the $500.00 level and trading very close to the $900.00 mark.
On the other hand, there were many swing moves in ETH/BTC due to a solid rise in bitcoin price. At present, the pair is stable above 0.0500BTC and it could slowly rise toward 0.0750BTC.
Let’s start with the daily chart of ETH/USD that points to a bullish picture in the long term. The pair started a fresh upside wave in November 2017 after consolidating above $200.00 for a long time.
It climbed above a crucial resistance level at $500.00 and even succeeded in breaking the $800.00 level. However, there was no test of the $1000.00 mark, as Ether’s price traded only as high as $867.75.
Recently, there was a sharp downside correction as ETH/USD declined below the $600.00 support level and surpassed the 50 percent Fibonacci retracement level of the last major upside wave from the $275.04 low to $867.75 high.
However, the downside move was protected by the $500.00 level (resistance turned support). The pair is now back in the bullish zone and is currently trading above $700.00. It seems like there is a monster support zone forming above $550.00, which could turn into a major long term support base for Ether.
On the upside, there is a connecting bearish trendline on the same chart with current resistance at $760.00. A successful close above the mentioned $760.00 resistance could open the doors for more gains above $800.00.
If the current trend gains traction, Ether’s price will most likely accelerate toward $1000.00 during the coming months.
The 4-hour chart of ETH/USD also suggests a positive bias above $600.00. An upward acceleration above $760.00 and $800.00 could set the tone for many more milestones for Ethereum.