Ethereum Price Technical Analysis – ETH Initial Target Hit

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Key Highlights

  • ETH price gained bids during the past 24 hours as forecasted against the US Dollar.
  • Yesterday’s highlighted bullish trend line on the hourly chart (data feed via SimpleFX) of ETH/USD acted as a perfect support for the pair.
  • The ETH/USD pair traded above the $11.50 level, which is a positive sign in the near term.

Ethereum price surged higher against the US Dollar and broke a couple of important resistances to set a bullish trend in the short term.

Ethereum Price Upside Move

Ethereum price ETH gained heavily during the past 24 hours and remained in a nice uptrend versus the US Dollar. My yesterday’s forecast of more gains in ETH worked perfectly as we witnessed an upside move. There was a move above a couple of important resistance levels, which helped the bulls in gaining momentum. The price broke the $11.50 level, which was a major hurdle on the upside for more gains in the near term.

A key point to note is that the price managed to hold yesterday’s highlighted bullish trend line on the hourly chart (data feed via SimpleFX) of ETH/USD. The recent trend looks positive for the ETH and it looks like the price may continue to move


Read more ... source: NewsBTC USA

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