Ethereum Price Technical Analysis 03/07/2016 – Target Additional Gains

Ethereum Price Technical Analysis

Key Highlights

  • Ethereum price bulls continued to outpace sellers, and created a new high above $11.
  • A new high of $11.98 was formed, and it looks like there can be more gains likely in the near term.
  • There is a bullish trend line and a bearish trend line formed on the hourly chart (data feed via Kraken), which may act as a reason for the next move.

Ethereum price rocketed past $11.00 during the past session. It looks like buying dips is the most fruitful idea in the near term.

Ethereum Price – Buy Dips For Another Leg?

Ethereum price after closing the week above $10.0 found support once again and traded higher. I was anticipating a test of $11.00, and the price did break the stated level. A new high of $11.98 was formed, and it looks like there is a chance that the price may trade back higher once again.

There was a minor correction noted after the price almost traded close to the $12.0 handle. There is a bullish trend line formed on the hourly chart (data feed via Kraken) that acted as a support for the price and stalled losses. The price also tested the 50% Fib retracement level of the last wave from the $8.32 low to $11.95 high. So, it looks like the recent correction phase is over and the price may continue to move higher.

Ethereum Price Technical Analysis

There is also a bearish trend line formed on the hourly chart, which can be as seen as a short-term resistance. A break above it may open the doors for a test of $12.00. The price might even test $12.40-50 in the near term.

Hourly MACD – The MACD is in the bullish slope, calling for a break higher.

Hourly RSI – The RSI is just below the 50 level, which may be seen as a concern for the bulls.

Intraday Support Level – $11.20

Intraday Resistance Level – $11.80


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 a DECADE 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, commodities, Bitcoin and Ethereum markets. He is a software engineer by profession, loves blogging and observing financial markets.