Ethereum Price Technical Analysis – Perfect Upside Break

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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

Read more ... source: NewsBTC USA

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