Technically, the 12-hour chart indicators started moving higher in the bullish territory, which is a good sign.
Why $1,000 is Significant for ETH/USD?
Ether buyers were in control this past week as ETH/USD gained upside momentum and broke three important resistance levels - $800.00, $900.00 and $950.00.
However, ETH/BTC could not hold the 0.1000BTC support and started a downward correction. It broke the 0.0950BTC and 0.0900BTC support levels and is currently in a bearish zone.
Looking at the 12-hour chart of ETH/USD, there was a strong bullish candle formed around $560.00. A low was formed at $564.11 and the price started a fresh upward move. It moved above the 23.6 percent Fibonacci retracement level of the last decline from the $1,238.89 high to $564.11 low.
More importantly, there was a break above a major bearish trendline with resistance at $800.00 on the same chart. There was a sharp rise in buyer’s sentiment that pushed the price above the $900.00 resistance.
A break above the mentioned $900.00 resistance was crucial since it was close to the 50 percent Fibonacci retracement level of the last decline from the $1,238.89 high to $564.11 low.
The last three green candles suggest a positive sentiment, but Ether’s price is facing a key resistance at $1,000.00. The stated $1,000.00 level is a significant pivot and buyers will most likely struggle to push the price above the same.
Above $1,000.00, the next important resistance is at $1,140.00. Moving on to the 2-hour chart, there are two bullish trendlines forming with support at $940.00-950.00. It seems like a short-term downward correction is underway, but the stated $940.00-950.00 is likely to act as decent support.
Overall, ETH/USD has moved into the bullish zone, but it must break the $1,000.00 resistance during the coming days to remain in an uptrend.