- Ethereum price after correcting for the past couple of days finally moved higher and showing a lot of bullish signs, plus my play of buying with a break worked.
- There was a bearish trend line formed on the hourly chart (data feed via Kraken), which was broken to clear the way for more gains.
- It looks like the bulls are back and may take the price higher if the price manages to close above the $12.00 resistance area.
Ethereum price moved above a major resistance area intraday. Buying dips may be a good option in the short term as long as it is above $10.50.
Ethereum Price – Buy Near 100 SMA
Yesterday, I stated that if Ethereum price manages to close above the 100 simple moving average (hourly, data feed via Kraken), then we can consider a buy trade. The idea worked perfectly, as there was a break and close above the stated MA and there was a nice upside move. The price traded as high as $12.00, where it found sellers and moving ahead may correct a few points in the near term.
The most important point is the fact that the price also broke a bearish trend line