Ethereum Price Technical Analysis – ETH Buyers Enjoying Gains

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Key Highlights

  • ETH price spiked higher against the US Dollar during the past two days and registered good gains.
  • There is a nice bullish trend line formed on the hourly chart (data feed via SimpleFX) of ETH/USD, which is acting as a buying zone.
  • It looks like the price is again heading towards the last swing high of $13.00.

Ethereum price bounced sharply during the weekend against the US Dollar, as ETH buyers stepped in to push the price higher.

Ethereum Price Upside Move

Ethereum price traded towards the $13.00 handle recently against the US Dollar, but it found sellers and traded lower. There was a sharp decline, but the downside stopped near a nice bullish trend line formed on the hourly chart (data feed via SimpleFX) of ETH/USD. The price is now back in the bullish zone. It moved above the 38.2% Fib retracement level of the last drop from the $12.91 high to $12.02 low.

However, the price is currently struggling to break a minor bearish trend line formed on the same chart. Moreover, there is also no hourly close above the 61.8% Fib retracement level of the last drop from the $12.91 high to $12.02 low. So, there is a chance of


Read more ... source: NewsBTC USA

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