ETH/USD has broken above the trend line resistance and is trading at 944 levels at the time of writing (Kraken).

On the upside, the pair is now targeting 982 (50-DMA) and a break above would then eye 998 levels (Cloud bottom)/ 1075 (50% retracement of 1594.89 and 556). Further strength would target 1100/1152 (Cloud top).

On the downside, support is likely to be found at 920 (1h 20-SMA) and a break below would target 887 (4h 100-SMA)/845 (10-DMA). Further weakness would drag it to 802 (90-EMA)/733 (61.8% retracement of 201.28 and 1594.89).

Momentum studies: Bias appears to be turning bullish on the daily chart with the breach of trend line resistance – RSI is at 51, bullish MACD crossover, stochs biased higher, and 10-DMA showing a turn. Intraday bias is also bullish.

Call Update: We recommended going long in our previous call. The call is progressing well and TP1 has been hit.

Recommendation: Hold for targets. Trail SL to 800. TP: 977/1000.

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