Ethereum Price Technical Analysis – Buy Dips In ETH/USD?

BitsPlan

Key Highlights

  • ETH price finally managed to trade higher against the US Dollar and posted a short-term break.
  • Yesterday’s highlighted bearish trend line on the hourly chart (data feed via SimpleFX) of ETH/USD was broken to clear the way for more gains.
  • ETH/USD is now above a short-term resistance and may present another buying opportunity.

Ethereum price managed to surpass a bearish trend line versus the US Dollar, which may help ETH buyers to step up the momentum.

Ethereum Price Break

Ethereum price after struggling for a few sessions against the US Dollar finally managed to trade higher. There was a nice upside move, and the price managed to clear a couple of short-term resistances. I highlighted a bearish trend line on the hourly chart (data feed via SimpleFX) of ETH/USD in my last two analysis. It was acting as a resistance for more gains until recently. The buyers managed to break the same and took the price higher.

During the upside move, there was a break above a couple of other hurdles as well. First, the 38.2% Fib retracement level of the last drop from the $13.34 high to $12.53 was cleared. Second, the price also managed to close above the 100 hourly simple

Read more ... source: NewsBTC USA

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