- 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.
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