29-08-2016
12:06 am
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Coince - Bitcoin Investment Solution

Ethereum Price Weekly Analysis – Uptrend Remains Intact




Ethereum price moved above $10, which was a major hurdle. Moving ahead, more gains are likely as the uptrend seems to be intact. Intraday Support Level can be $9.80. Intraday Resistance Level may be $10.50.
Ethereum Price Weekly Analysis
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Key Highlights

  • Ethereum price rally continued this past week, and it looks like there is no stopping the bulls.
  • The price even traded above an important resistance area of $10, which was one of our buy targets.
  • There is a bullish trend line formed on the 4-hours chart of Ethereum price (data feed via Kraken), which may continue to act as a buy zone.

Ethereum price moved above $10, which was a major hurdle. Moving ahead, more gains are likely as the uptrend seems to be intact.

Ethereum Price – Buy Near Trend Line?

Ethereum price surprised many traders, but our view of buying it played out well. I even mentioned that there is a chance of it testing the $10 handle. The price did trade higher and broke the $10 handle. I was anticipating some selling pressure near the stated level, but that did not happen. The price continued to move higher and traded as high as $10.48.

There is now a bullish trend line formed on the 4-hours chart of Ethereum price (data feed via Kraken), which is acting as a support zone. If the price moves down or corrects lower from the current levels, then the trend line support may come into play. A break below it might call for a move towards the 23.6% Fib retracement level of the last leg from the $6.35 low to $10.48 high. Let us see any further losses are possible or not if the trend line paves the way. The next support can be the 50% Fib retracement level of the last leg from the $6.35 low to $10.48 high.

Ethereum Price Weekly Analysis

On the upside, a test of $11.00-20 is possible, as long as the price is above the trend line support.

4-hours MACD – The MACD is in the bullish slope, which is a positive sign.

4-hours RSI – The RSI is around the overbought levels, calling for a minor correction.

Intraday Support Level – $9.80

Intraday Resistance Level – $10.50

 

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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