Ethereum Price Technical Analysis 03/16/2016 – Eyeing $14.20-50

Key Highlights

  • Ethereum price after completing a short-term downside move regained the bullish bias and started to move higher.
  • There is a two point divergence trend line forming on the hourly chart (data feed via Kraken), which can be tested in the near term.
  • The price might head higher to trade near $14.20-50 where it could face some offers.

Ethereum price started to move higher. And, if the bulls remain in action there is a chance of a retest of the $14.20-50 resistance area.

Ethereum Price – Buying?

Ethereum price declined in the 3rd wave to trade near the $12.00 support area, which acted as a perfect buy zone and pushed the price back higher. The price is currently under a minor divergence, suggesting more gains. There is a two point resistance trend line forming on the hourly chart (data feed via Kraken), which can be seen as the next stop for the price.

The price has already cleared the 50% Fib retracement level of the last drop from the $15.16 high to $10.02 low, which is a positive sign. This is not all, it looks like the last hourly close was above the 100 simple moving average (hourly, data feed via Kraken). So, overall there are many positive signs for the bulls to take the price higher.

Ethereum Price Technical Analysis Ethereum Price Technical Analysis

On the upside, an initial hurdle lies near the 76.4% Fib retracement level of the last move down from the $15.16 high to $10.02 low, which is around $14.00. However, the most important barrier may be around the trend line resistance at $14.20 where the bulls must exist in the short term.

Hourly MACD – The MACD is in the bullish slope, calling for more upsides moving ahead.

Hourly RSI – The RSI is also above the 50 level, which is a positive sign for the bulls.

Intraday Support Level – $13.00

Intraday Resistance Level – $14.20

 

Charts courtesy of Kraken via Trading View

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