Ethereum Price Technical Analysis 03/18/2016 – Book Profits And Prepare

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Key Highlights

  • Ethereum price moved a few points higher and then found sellers for a downside move.
  • My idea of selling in the short term worked perfectly and all targets were hit intraday.
  • Yesterday’s highlighted bearish trend line on the hourly chart (data feed via Kraken) worked perfectly and pushed the price down.

Ethereum price was a perfect sell intraday as forecasted. It looks like there is a room for another downside move if all goes well.

Ethereum Price – $12.50 as Resistance

Ethereum price was aligned for a short-term downside move, as forecasted in yesterday’s post. I forecasted selling near a major resistance area, which was formed near a bearish trend line on the hourly chart (data feed via Kraken). The trend line resistance area acted as a perfect barrier and pushed the price down to hit all our sell targets.

Now what? I think the price has started to feel selling pressure and the bulls need to be cautious in the near term. There is another bearish trend line formed on the same chart, and it looks like it may be the next hurdle for the bulls and a sell area for the bears. As long as the price is below the
Read more ... source: NewsBTC USA

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