Ethereum Price Technical Analysis 03/07/2016 – Target Additional Gains

Key Highlights

  • Ethereum price bulls continued to outpace sellers, and created a new high above $11.
  • A new high of $11.98 was formed, and it looks like there can be more gains likely in the near term.
  • There is a bullish trend line and a bearish trend line formed on the hourly chart (data feed via Kraken), which may act as a reason for the next move.

Ethereum price rocketed past $11.00 during the past session. It looks like buying dips is the most fruitful idea in the near term.

Ethereum Price – Buy Dips For Another Leg?

Ethereum price after closing the week above $10.0 found support once again and traded higher. I was anticipating a test of $11.00, and the price did break the stated level. A new high of $11.98 was formed, and it looks like there is a chance that the price may trade back higher once again.

There was a minor correction noted after the price almost traded close to the $12.0 handle. There is a bullish trend line formed on the hourly chart (data feed via Kraken) that acted as a support for the price and stalled losses. The price also tested the 50% Fib retracement level



Read more ... source: NewsBTC USA

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