Ethereum price analysis: ETH/USD big resistance approaching, 50 DMA, 38.2% Fibonacci, $1000

  • ETH/USD seen up around 7% on Wednesday
  • Change in trend, sustainability will become clearer in coming days
  • $1000 a large resistance level to be tested

 

The Ethereum price is seen up as much as 7% during trading on Wednesday, in a strong push for momentum back in the bull’s corner. Ethereum has continued to steadily recover following last week’s lows at around $565.

Current sentiment is lock step with the rest of the retracement for the crypto market. It is now becoming clearer from a neutral perspective, the new trend that the Ethereum is entering. This comes after much volatility and pressure to the downside seen last week, it will become clearer over the coming days if this upward trend is sustainable.

ETH/USD, is approaching a large challenge ahead potentially, the phycological $1000 level, where the 31.8% Fibonacci sits, allied with the 50 DMA. A break above, could see the market back towards and testing the $1200 region. Support still seen around $750, as demonstrated and proven to be the case.    

 

ETHUSD daily chart

 

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