Ethereum Price Technical Analysis – ETH Broke Major Resistance?

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Key Highlights

  • ETH price after trading in a range for some time against the US Dollar gained bids and traded higher.
  • Yesterday’s highlighted bearish trend line on the hourly chart (data feed via SimpleFX) of ETH/USD was broken to clear the way for gains.
  • The price is now also above the 100 hourly simple moving average, which is a positive sign.

Ethereum price managed to gain traction against the US Dollar, and if the recent break is true in ETH/USD, there can be more upsides.

Ethereum Price Break

There were ranging moves in ETH price against the US Dollar yesterday before there was an upside move. The ETH/USD pair managed to gain strength and traded higher. During the upside move, the pair managed to break a couple of important hurdles. The most crucial one was yesterdays’ highlighted monster bearish trend line on the hourly chart (data feed via SimpleFX) of ETH/USD.

The pair also managed to settle above the 100 hourly simple moving average, which encouraged the buyers to take the price higher. Moreover, it also managed to clear the 50% Fib retracement level of the decline from the $10.44 high to $9.44 low. So, all in all there was a nice upside

Read more ... source: NewsBTC USA

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