Ethereum Price Watch | Previous Resistance Level Passed

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February 9, 2018 – Ethereum Price Watch

Key Highlights:

  • ETH price soared above the $880 barrier on Friday
  • A double-top pattern has formed, peaking at $883.46
  • A support level is held around $865, and a reversal could occur for another upward trend

ETH Breaks Above $880, Reversal Forthcoming

On Friday, Ethereum broke through its previously established resistance level and soared above $880 on two occasions. As shown in the ETH price chart below, a double-top pattern has formed with two peaks, and a support level is now held at around $865.

Source: Tradingview

A bullish signal has been sent from the most recent candlestick pattern, and we could see a reversal above the $868 level, continuing along the current bullish trend line toward the $900 mark. The MACD indicator also had a crossover within the last hour, confirming the bullish signal.

Looking at the Technical Indicators:

  • MACD — bullish signal as the MACD line cross over the signal line
  • Major Support Level — $865
  • Major Resistance — $900

Featured Image: twitter

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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.

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