30-05-2016
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Ethereum Price Weekly Analysis – New Highs In Making?




Ethereum price continued to trade higher this past week. Every dip was bought and if buyers gain control a new high above $6.70 is likely. Intraday Support Level can be $6.02. Intraday Resistance Level may be $6.65.
Ethereum Price Weekly Analysis
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Key Highlights

  • Ethereum price surged higher and traded near a major resistance area of $6.60-65.
  • There is a breakout structure forming on hourly chart of Ethereum price (data feed via Kraken), which may act as a catalyst for the next move.
  • The price is well above the 100 hourly simple moving average, calling for an upside break.

Ethereum price continued to trade higher this past week. Every dip was bought and if buyers gain control a new high above $6.70 is likely.

Ethereum Price – More Gains?

Ethereum price followed a nice bullish pattern this past week and challenged the $6.60-65 resistance area a couple of times. However, the stated level is acting as a barrier for buyers and stalling an upside move. There is a breakout structure forming on hourly chart of Ethereum price (data feed via Kraken), which can be carefully watched for the next move. If there is a break above the triangle resistance area, then there is a chance of the price setting up a new high.

The price is well above the 100 simple moving average (H1 chart, Kraken), suggesting that buyers are in control and may take it higher in the short term. On the downside, an initial support can be around the 23.6% Fib retracement level of the last leg from the $4.0 low to $6.65 high. If you are looking to sell, then you must keep an eye on the 100 hourly MA and the triangle support trend line.

Ethereum Price Weekly Analysis

On the upside, the next level on the upside could be around $7.0 where sellers may appear and take a stand to prevent further gains if there is a break higher.

Hourly MACD – The MACD is in the bullish slope, calling for more gains.

Hourly RSI – The RSI is heading towards the overbought levels, which may ignite a minor correction.

Intraday Support Level – $6.02

Intraday Resistance Level – $6.65

 

Charts courtesy of Kraken via Trading View

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.

Published by

Aayush Jindal

Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession, loves blogging and observing financial markets.

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