29-07-2016
03:54 am
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Coince - Bitcoin Investment Solution

Ethereum Price Weekly Analysis – Buying Dips Favored




Ethereum price climbed higher and there was no stopping the bulls. It looks like the bulls may attempt to take it towards the $15.00 level. Intraday Support Level can be $11.80. Intraday Resistance Level may be $13.30.
Ethereum Price Weekly Analysis
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Key Highlights

  • Ethereum price continued to rocket higher and broke above the $12.00 level to gain momentum.
  • The price traded as high as $13.30 and there are currently no signs of bears in the short term.
  • There is a bullish trend line formed on the 4-hours chart of Ethereum price (data feed via Kraken), which can be considered as a buying area.

Ethereum price climbed higher and there was no stopping the bulls. It looks like the bulls may attempt to take it towards the $15.00 level.

Ethereum Price – Buy Near Trend Line Support?

Ethereum price surged higher this past week and broken every resistance that came in its way. There was a major resistance formed near $12.00 where the bears attempted a couple of times to defend it. However, at the end, the bulls succeeded and took the price above the stated level. There was a sharp upside move towards the $13.00, and the price stopped near $13.33.

There is a bullish trend line formed on the 4-hours chart of Ethereum price (data feed via Kraken), which may act as a support area if the price corrects lower from the current levels. An initial support on the downside is around the 23.6% Fib retracement level of the last leg from the $8.50 low to $13.33 high. Any further downside can take the price towards the highlighted trend line and support area.

Ethereum Price Weekly Analysis

On must also keep an eye on the 50% Fib retracement level of the last leg from the $8.50 low to $13.33 high, which can act as a monster support area for the bulls at $11.00 in the short term.

4-hours MACD – The MACD is in the bullish slope, and calling for more gains moving ahead.

4-hours RSI – The RSI is around the overbought levels, which means there is a chance of a correction.

Intraday Support Level – $11.80

Intraday Resistance Level – $13.30

 

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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