Ethereum Price Technical Analysis – ETH Trims Gain, Recovers

BitsPlan

Key Highlights

  • ETH price traded further lower yesterday against the US Dollar, and tested the $12.25 support.
  • Yesterday’s highlighted bearish trend line on the hourly chart (data feed via SimpleFX) of ETH/USD acted as a resistance earlier, but recently broken by buyers.
  • I stated that the price made a short-term top yesterday, which worked perfectly.

Ethereum price declined after a creating top against the US Dollar, found support at $12.25, and now currently attempting a recovery.

Ethereum Price Recovery

Ethereum price made a short-term top yesterday against the US Dollar as I pointed out. There was a sharp decline, as the ETH/USD pair fell below the $12.50 support area and somehow managed to hold $12.25. Yesterday’s highlighted bearish trend line on the hourly chart (data feed via SimpleFX) of ETH/USD acted as a resistance and pushed the price down.

However, the ETH buyers later managed to break the same trend line, which is a positive sign for a recovery. The price is also above the 23.6% Fib retracement level of the last drop from the $14.26 high to $12.25 low. So, it means there is a chance of more gains in the near term. However, the upside move was limited by the 100

Read more ... source: NewsBTC USA

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