Ethereum has moved up by more than 50% since February, 6 when it reached a multi-month low of $560.
In the past two weeks, however, the price has remained within the $800 and $900 channel, meaning that traders are slightly cautious. The currency often runs out of steam whenever it approaches the psychological $1,000 mark.
Part of the reason for the range trade is that there has been no major news in the cryptocurrencies market. Yesterday, it was reported that a hacker who had stolen 20,000 ethers from the Coindash ICO returned them. This was the second time that hackers had returned back stolen coins.
Technically, the ETH/USD pair is on an ascending trend, with its price slightly above the 50-day and 100-day moving average. The pair is showing a weak trend as shown by the Average Directional Index (ADX). Nonetheless, the pair should continue moving higher unless there is negative news with the next short-term price target being $910.
