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

Bitcoin Watch Shop

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).


Read more ... source: NewsBTC USA

Advertise on the Bitcoin News

Do you like The Bitcoin News ? Thank you for Support us !
BTC: 1FVCSiK2ErerjH1kBP4VLS5LqR3YzmVeXf
ETH: 0xa829E61Cc130b4f02fbfc9D7763361a550C7f824