Ethereum Price Technical Analysis 03/07/2016 – Target Additional Gains

Ethereum Price Technical Analysis

Key Highlights

  • 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.

Ethereum Price Technical Analysis

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

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies and Financial Market Strategist with a background in IT and financial markets. He specialises in market strategies and technical analysis, and has spent over a DECADE as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin and Ethereum markets.


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