Ethereum Price Technical Analysis – Perfect Trend Line Bounce

Key Highlights

  • ETH price surged higher against the US Dollar and broke many important resistance levels on the way up.
  • After trading as high as $12.50, the price corrected lower.
  • Yesterday’s highlighted bullish trend line on the hourly chart (data feed via SimpleFX) of ETH/USD provided support during the downside and protected losses

Ethereum price registered solid gains versus the US Dollar yesterday and currently correcting lower to gain bids on the downside.

Ethereum Price Correction

Ethereum price ETH as mentioned climbed as high as $12.50 against the US Dollar where it found sellers for a minor correction. The price did correct lower and moved below the 23.6% Fib retracement level of the last leg from the $10.53 low to $12.50 high. However, the downside was limited, as there were a few important support levels on the downside.

First, yesterday’s highlighted bullish trend line on the hourly chart (data feed via SimpleFX) of ETH/USD acted as a support. Second, the 50% Fib retracement level of the last leg from the $10.53 low to $12.50 high provided bids. The price recovered well after testing the trend line support area and now back above $11.50. It looks like the price may head higher once again

Read more ... source: NewsBTC USA

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