26-07-2016
08:18 am
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Coince - Bitcoin Investment Solution

Ethereum Price Technical Analysis 03/15/2016 – Sell Target Achieved




Ethereum price moved down as a part of a correction. It also spiked below a support trend line on a couple of occasions, but failed to close below it. Intraday Support Level can be $11.85. Intraday Resistance Level may be $13.00.
Ethereum Price Technical Analysis
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Key Highlights

  • Ethereum price moved down a couple of points as forecasted in yesterday’s post.
  • The bearish candles as highlighted on the daily chart played well and pushed the price down towards the $10.50 as forecasted.
  • There is a bullish trend line formed on the hourly chart (data feed via Kraken), acted as a barrier for the bears and preventing a downside move.

Ethereum price moved down as a part of a correction. It also spiked below a support trend line on a couple of occasions, but failed to close below it.

Ethereum Price – What’s next?

Ethereum price after setting a short-term top near the $15.16 level traded down and my idea that the price may correct down worked perfectly. There were a couple of bearish signs for the price noted yesterday, which played well in igniting a downside move. The price traded below the $10.50 level as forecasted, and created an intraday low of $10.02.

There is a bullish trend line formed on the hourly chart (data feed via Kraken), which was breached on a couple of occasions. However, the positive for the bulls is the fact that there was no hourly close below the trend line and support area. The price recovered well, and even closed above the 38.2% Fib retracement level of the last drop from the $15.16 high to $10.02 low.

Ethereum Price Technical Analysis

The price is currently trading near the 100 simple moving average (hourly, data feed via Kraken), which is acting as a resistance for more gains. A break above the same may call for an upside move towards the 76.4% Fib retracement level of the last drop from the $15.16 high to $10.02 low.

Hourly MACD – The MACD is in the bearish slope, which is a negative sign.

Hourly RSI – The RSI is also below the 50 level, suggesting the fact that the bears were under control.

Intraday Support Level – $11.85

Intraday Resistance Level – $13.00

 

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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