Key Highlights:

Ethereum (available on Coinbase) 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 (available on Coinbase) Gains Momentum, Further Upside Ahead

Ethereum (available on Coinbase) 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.

Source: Tradingview

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 (available on Coinbase) 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

If You Liked This Article Click To Share

In addition to writing financial content and analysis, Jackson has worked as a business journalist at Stockwatch and research analyst at various organizations. He obtained his MA Economics from Concordia University in Montreal and BA Economics from the University of British Columbia, with special emphasis on environmental and industrial economics.