Ethereum Price Technical Analysis – ETH Another Breakout Attempt

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Key Highlights

  • ETH price found buyers near $11.50 against the US Dollar, and started to move higher.
  • During the recent upside move, it broke a bearish trend line formed on the hourly chart (data feed via SimpleFX) of ETH/USD.
  • The pair is also above the 100 hourly simple moving average, which is a positive sign.

Ethereum price managed to gain bids one more time against the US Dollar, and currently attempting yet another upside break.

Ethereum Price Break

Ethereum price fell yesterday back towards the $11.50 versus the US Dollar, but somehow buyers managed to protect the downside move. There was a nice upside move in ETH/USD, taking it above the 23.6% Fib retracement level of the last drop from the $12.22 high to $11.46 low. It was a positive sign, which encouraged the buyers to take the price above the 100 hourly simple moving average.

There was a move above a couple of important hurdles as well. First, the ETH/USD pair managed to break a bearish trend line formed on the hourly chart (data feed via SimpleFX). Second, there was a move above the 50% Fib retracement level of the last drop from the $12.22 high to $11.46 low. These signs show that the

Read more ... source: NewsBTC USA

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