Ethereum Price Technical Analysis – ETH/USD Defies Gravity

February 15, 2017

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Key Highlights

ETH price busted higher against the US Dollar, and broke many important resistances like $11.20 and $12.00.
At the moment, there is a connecting bullish trend line formed on the hourly chart of ETH/USD (data feed via SimpleFX) with support at $12.65.
The pair may continue to remain in an uptrend since the bias has now changed to bullish.

Ethereum price traded sharply higher against the US Dollar to trade above $12.50. ETH/USD now remains supported and could trade further higher.

Ethereum Price Upside Momentum

We saw there were tiny range moves in ETH price against the US Dollar with resistance near $11.20. However, the price was able to find strength later yesterday, and spiked higher above the $11.20 resistance. Once the range pattern was cleared, there was a solid upside move. The price broke a lot many resistances like $12.00, $12.50 and $13.00. Later, it found resistance near $13.20, and started a correction.

The price has moved down a few points, and trading near the 23.6% Fib retracement level of the last wave from the $10.98 low to $13.22 high. It may find support near $12.65, as there is also a connecting bullish trend line formed on the hourly chart of ETH/USD (data feed via SimpleFX). A break below it could ignite an extension of the current correction. In that case, the price might head towards the 38.2% Fib retracement level of the last wave from the $10.98 low to $13.22 high.

However, the chances of a break higher are more since the indicators are bullish. So, as long as the $12.65 support holds, the price may move back above $13.00. The next hurdle above $13.20 for ETH/USD is around the $13.40 level, which is a pivot zone as well.

Hourly MACD – The MACD is super bullish at the moment.

Hourly RSI – The RSI is in the overbought levels, suggesting caution.

Major Support Level – $12.65

Major Resistance Level – $13.20

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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