Ethereum Price Technical Analysis – Perfect Upside Break

Key Highlights

  • ETH price broke higher versus the US Dollar, as highlighted in yesterday’s breakout pattern.
  • Yesterday’s highlighted contracting triangle pattern on the hourly chart (data feed via SimpleFX) of ETH/USD was cleared to open the doors for more gains.
  • Buying dips may be considered now since the price is now in the bullish zone.

Ethereum price managed to gain traction and traded higher against the US Dollar to settle above a crucial resistance area.

Ethereum Price Trend

Ethereum price managed to overcome odds against the US Dollar, and traded higher. There was a nice upside move, which pushed the price above $13.20. There was a break above the 61.8% Fib retracement level of the last drop from the $13.31 high to $12.91 low. So, it basically opened the doors for a new high. The most important point was a break above yesterday’s highlighted contracting triangle pattern on the hourly chart (data feed via SimpleFX) of ETH/USD.

It was one of the main reasons why the ETH buyers stepped in and took the price higher. The price is now above a major resistance area of $13.20, which may now act as a support zone. On the downside, an initial resistance is around the 23.6% Fib retracement level of the wave from the $12.91 low to $13.32 high. The price is now above the 100 hourly simple moving average, which is also a bullish sign.

Ethereum Price Technical AnalysisEthereum Price Technical Analysis

There is a chance of a minor dip in the near term, which I think can be considered as buying opportunity. Almost all technical indicators on the hourly chart are positive, and signaling more gains. The most important support on the downside can be around the broken 100 hourly SMA.

Hourly MACD – The MACD is now placed in the bullish zone, and calling for more gains.

Hourly RSI – The RSI is around the overbought levels, which may ignite a minor correction in the short term.

Major Support Level – $13.20

Major Resistance Level – $13.35

 

Charts courtesy – SimpleFX

Disclaimer: The information contained herein is not guaranteed, does not purport to be comprehensive and is strictly for information purposes only. It should not be regarded as investment/trading advice. All the information is believed to come from reliable sources. NewsBTC does not warrant the accuracy, correctness, or completeness of information in its analysis and therefore will not be liable for any loss incurred.

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