Ethereum Price Watch – ETH/USD Gains Slightly, Breaks $950

Key Highlights:

• Ethereum price rose slightly today, breaking above the $950 level
• ETH is now holding a major support at $915
• A major resistance of $938 must be tested for its next move up

Ethereum Sees Slight Gains

After breaking above yesterday’s $920 resistance level, ETH price went up slightly today. The coin did manage to break the $950 level briefly before pulling back to its current price near $930. ETH is currently holding down a major support at $915, while a resistance of $938 is something investors need to monitor for its next move up.

Today’s price action is pivotal for ETH to return to $1,000. A series of daily highs and resistance points were broken through this week, but now ETH needs to consistently trade at around $950 in order to go back to four digits. However, for the rest of the day, a triangle pattern is forming that could take ETH price to a range of $920 to $935.

Source: Tradingview

On the positive side, the MACD and RSI indicators are sending strong bullish signals. There is a crossover happening on the MACD graph, and an RSI score of about 40 means there is still room for growth.

Looking at the Technical Indicators:

• Hourly MACD — ETH is in a bullish area
• RSI — The relative strength index shows ETH has more room to run
• Major Resistance Level — $938
• Major Support Level — $915

Featured Image: Depositphotos/© znm666

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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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