Ethereum Price Technical Analysis – ETH Buyers Worked

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Key Highlights

  • ETH price continued to mount higher against the US Dollar and posted good gains intraday.
  • Yesterday’s highlighted bearish trend line on the hourly chart (data feed via SimpleFX) of ETH/USD was broken to clear the upside path.
  • My idea of buying ETH worked as the price remained in an uptrend.

Ethereum price continued to rocket higher versus the US Dollar, and it looks like there are more upsides left in the near term.

Ethereum Price Upside Continuation

Ethereum price was unstoppable during the past 24 hours, as it traded further higher against the US Dollar. There was a new high above yesterday’s high, as the price climbed above $13.20. There was a solid rise in the price taking it above a couple of important hurdles. The price broke yesterday’s highlighted bearish trend line on the hourly chart (data feed via SimpleFX) of ETH/USD. Moreover, there was an hourly close above the $13.00 handle as well.

There is now a minor bullish trend line formed on the same hourly chart, which can act as a support if the price corrects lower. An initial support on the downside is at the 23.6% Fib retracement level of the last wave from the $12.01 low to $13.26.

Read more ... source: NewsBTC USA

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