Technically, the hourly chart indicators are gaining upside momentum in the bullish territory.
ETH/USD to Retest $1,000?
There were further upsides in ETH/USD during the past few hours as the pair succeeded in moving past a pivotal resistance area near $950.00.
On the Bitcoin front, there was a sharp increase in selling pressure on ETH/BTC. The main reason was upsides in bitcoin, which could push the pair further lower toward the 0.0900BTC support level.
On a positive note, the hourly chart of ETH/USD suggests that the pair broke a major resistance near $945.00-950.00. It also succeeded in breaking a contracting triangle with resistance at $940.00.
The price moved above the $960.00 level and formed a high at $965.94. The past few candles are very bullish, signaling more gains in the near term toward $980.00 and $1,000.00. In case of a correction, the broken resistance at $950.00 will most likely act as a support.
Furthermore, there is a bullish trendline on the same chart with support at $950.00 which created an in-day support. Should the price corrects lower from current levels, it could find buyers near that mark.
Moving up to the 4-hour chart of ETH/USD, it seems like the pair is approaching a major connecting resistance trendline at $970.00. It may struggle to break the stated $970.00 resistance, but if it succeeds, the next stop for buyers could be $1,000.00.
On the flip side, if Ether’s price fails near $970.00 and corrects lower, then it could test a bullish trendline with support at $900.00.