Ethereum Price Technical Analysis – ETH Buyers Need Encouragement

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Key Highlights

  • ETH price gained bids once again on the downside against the US Dollar and Bitcoin, and currently moving higher.
  • The ETH/USD pair is currently attempting to break a bearish trend line formed on the hourly chart (data feed via SimpleFX).
  • The ETH bulls are struggling to gain momentum, and I think they need encouragement for a push higher.

Ethereum price is trading higher, but remains below a major resistance. A move above $12.00 is needed for an extended upside wave.

Ethereum Price Resistance

Ethereum price after a move towards the $11.70 against the US Dollar found support and managed to gain bids. There was a nice upside move, as the price managed to clear the 100 hourly simple moving average. The ETH/USD pair also bounced from the 50% Fib retracement level of the last wave from the $11.50 low to $11.96 high at $11.70. The stated level acted as a support previously as well, so it was not a surprise this time.

A close above the 100 hourly simple moving average is important, but we cannot discard the fact that the price is still below a major resistance area. There is a bearish trend line formed on the hourly chart (data feed via

Read more ... source: NewsBTC USA

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