Altcoins Analysis

Ethereum Price Weekly Analysis – Buying Dips Favored

Aayush Jindal | March 13, 2016 | 7:30 am
Ethereum Price Weekly Analysis
Altcoins

Ethereum Price Weekly Analysis – Buying Dips Favored

Aayush Jindal | March 13, 2016 | 7:30 am

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

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