Ethereum Price Technical Analysis – ETH/USD Back In Action

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Key Highlights

  • ETH price surged higher versus the US Dollar and posted a solid move above the $12.00 handle.
  • Yesterday’s highlighted bearish trend line on the hourly chart (data feed via SimpleFX) of ETH/USD was broken for an upside move.
  • The ETH bulls managed to gain control, and took the price higher towards $12.75.

Ethereum price is back in action, as there was a nice upside move in ETH/USD. More gains are likely moving ahead as the resistance is now support.

Ethereum Price Bounce

Yesterday, I stated that the ETH buyers need an encouragement for an upside move. Ethereum price did move higher, as the buyers managed to gain strength. There was a good upside reaction, and the price cleared a couple of important resistance levels. The first one was yesterday’s highlighted bearish trend line on the hourly chart (data feed via SimpleFX) of ETH/USD.

Second, the $12.00 handle was cleared during the upside move to signal more gains. Lastly, there was a close above the 100 hourly simple moving average as well. After the highlighted break, the price traded as high as $1275 where sellers appeared and prevented any further gains. The price is currently correcting lower, and moved below the 23.6% Fib retracement

Read more ... source: NewsBTC USA

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