Ethereum Price Technical Analysis – Right Time to Buy to ETH?

Key Highlights

  • Ethereum price managed to pop higher vs the US Dollar and traded above the $9.00 resistance area.
  • There was a contracting triangle pattern formed on the hourly chart (data feed via Kraken) of ETH/USD, which paved the way for more gains.
  • The price is now comfortably placed above the 100 hourly simple moving average, which is a positive sign.

Ethereum price broke a major consolidation pattern, and if the ETH/USD bulls remain in control there is a chance of more upsides.

Ethereum Price – New Weekly High Possible?

Ethereum price ETH showed a lot of positive signs yesterday, as it managed to gain bids vs the US Dollar. There was a contracting triangle pattern formed on the hourly chart (data feed via Kraken) of ETH/USD, which was broken during the upside move. The price settled above the pattern resistance area, and even closed above $9.00.

One significant bullish sign is the fact that the price is now well above the 100 hourly simple moving average, suggesting that the ETH bulls are in control. There is a very high chance that ETH/USD may spike higher to test the recent high of $10.44, and if all goes well it might even break it to set a new weekly high. Currently, the price is trading near the 76.4% Fib retracement level of the last drop from the $10.44 high to $8.42 low.

Ethereum Price Technical Analysis

So, if the price breaks the stated fib level, then it could easily head towards the $10.44 high. On the downside, the 100 hourly SMA holds the key and may continue to act as a support area.

Hourly MACD – The MACD looks like may change the slope to the bearish slope, which is not a good sign.

Hourly RSI – The RSI is well above the 50 level, calling for more gains in the short term.

Intraday Support Level – $9.00

Intraday Resistance Level – $10.00

Charts courtesy of Kraken via Trading View

Image courtesy of NewsBTC

Source link

mm

TheBitcoinNews.com – leading Bitcoin News source since 2012

Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to consumer protections. The information does not constitute investment advice or an offer to invest.