Ethereum Price Technical Analysis – Buying Worked, Further Gains Eyed

Key Highlights

  • Ethereum price continued to gain bids against the US Dollar and closed above the $12.00 resistance level.
  • Yesterday’s idea of buying dips worked perfectly, as the ETH bulls defended the downside move.
  • There is a new bullish trend line formed on the hourly chart (data feed via Kraken) of ETH/USD, which is acting as a support area for the pair.

Ethereum price retained its bullish bias against the US Dollar, and my yesterday’s idea did well. Now, can ETH/USD trade further higher?

Ethereum Price Trend

Ethereum price ETH continued to gain traction and moved above the all-important $12.00 resistance area against the US Dollar. Yesterday, I highlighted the importance of the 100 hourly simple moving average and the 50% Fib retracement level of the last wave up from the $10.83 low to $12.03 high. I was hoping them to act as a buy zone and provide bids.

Both the stated area provided support and pushed the price higher. There is a now a bullish trend line formed on the hourly chart (data feed via Kraken) of ETH/USD, which is acting as a catalyst for the upside move and helping buyers. The price recently traded as high as $12.86, and currently correcting

Read more ... source: NewsBTC USA

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