- Ethereum price after completing a correction towards $11.00 found buyers and traded back towards the $12.50 level.
- My buy idea worked perfectly, and all our targets were achieved successfully.
- There is a resistance trend line formed on the hourly chart (data feed via Kraken), which prevented additional gains above $12.50.
Ethereum price moved back higher, but the upside was limited. Can it correct lower once again? Can we buy one more time?
Ethereum Price – $11.00 Holds Key
Ethereum price completed a correction phase around the $11.00 support area recently and our trade worked perfectly. This week I suggested that buying dips may be a good idea in ETH against the USD. The same did wonders, as the price moved higher towards the $12.50 area. Around the stated level, there was a resistance trend line on the hourly chart (data feed via Kraken), which stalled any further gains.
The price is currently moving back lower and heading towards the 38.2% Fib retracement level of the last leg from the $9.50 low to $12.48 high. The stated fib level may provide support to ETHUSD in the short term. However, the most important support area on the downside is around the 100 simple