25-09-2016
03:40 pm
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Ethereum Price Technical Analysis 03/29/2016 – Further Appreciation?




Ethereum price moved into the bullish zone and settled above $11.00. Buying may be considered in the short term. See how.
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Key Highlights

  • I highlighted that $11.00 represents a major resistance area for Ethereum price, but the bulls managed to break it.
  • The price also moved above the upper bearish trend line of the descending channel pattern formed on the hourly chart (data feed via Kraken) of ETH/USD.
  • Buying dips may be considered in the short term as long as the price is above the 100 hourly simple moving average.

Ethereum price moved into the bullish zone and settled above $11.00. Buying may be considered in the short term. See how.

Ethereum Price – Buy Dips?

Ethereum price spiked higher intraday and also managed to clear a major resistance area of $11.00, as highlighted in yesterday’s post. The most important bullish sign is that ETH/USD settled above the upper bearish trend line of the descending channel pattern formed on the hourly chart (data feed via Kraken).

Moreover, the move was so impressive that the price closed above the 100 hourly simple moving average. All in all the price closed in a bullish territory, and may continue to trade higher. Now, what can we witness from the current levels.

Ethereum Price Technical Analysis

There is a chance of a minor correction from the current levels, which can be seen as a buying opportunity. The most important support and buy zone can be around the 50% Fib retracement level of the last move from the $10.10 low to $11.83 high, as the 100 hourly simple moving average is also positioned near it. If you enter a buy trade near $10.90, then make sure you have a stop of an hourly close below the 100 hourly SMA.

On the upside, the next resistance above $11.00 may be near $12.20.

Hourly MACD – The MACD has moved to the bearish zone, calling for a correction.

Hourly RSI – The RSI is above the 50 level, which is a positive sign for the bulls.

Intraday Support Level – $10.90

Intraday Resistance Level – $11.85

 

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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