06-12-2016
02:51 am
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Ethereum Price Technical Analysis 03/10/2016 – Another Buy Opportunity?




Ethereum price surged higher one more time. It looks like the bulls may get another chance to get in and join the ride. Intraday Support Level can be $11.00. Intraday Resistance Level may be $12.00.
Ethereum Price Technical Analysis

Key Highlights

  • Ethereum price broke higher once again and managed to clear a major resistance area.
  • Yesterday’s highlighted bearish trend line on the hourly chart (data feed via Kraken) was cleared by the bulls to ignite an upside rally.
  • The price is almost trading near the last swing high of $12.00, and there is a chance of a minor correction before the price resumes higher.

Ethereum price surged higher one more time, and it looks like the bulls may get another chance to get in and join the ride.

Ethereum Price – Buy Dips?

Ethereum price proved once again that the bears cannot be trusted at this moment. The bullish sentiment is so strong that it’s hard for sellers to take charge. The price moved higher Intraday, and traded back towards the last swing high of $12.00.

Yesterday’s bearish trend line on the hourly chart (data feed via Kraken) was broken during the upside drift. The most important point is that the price broke the 61.8% Fib retracement level of the last drop from the $11.98 high to $8.48 low as well. Overall, there was a solid uptrend that may continue in the near term. Moreover, the price is now above the 100 simple moving average (hourly chart, data feed via Kraken), which may now act as a support in the short term.

Ethereum Price Technical Analysis

So, if the price corrects lower from the current levels, then one might consider buying dips. An initial support can be around the 23.6% Fib retracement level of the last wave up from the $8.50 low to $11.98 high. However, the most important support area can be around the broken trend line, coinciding with the 100 hourly SMA.

Hourly MACD – The MACD is in the bullish slope, signaling bullish signs.

Hourly RSI – The RSI is around the overbought levels, calling for a minor correction in the short term.

Intraday Support Level – $11.00

Intraday Resistance Level – $12.00

 

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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