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Ethereum Price Technical Analysis
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Ethereum Price Technical Analysis 03/02/2016 – Calling For Gains

Aayush Jindal by Aayush Jindal
8 years ago
in Cryptocurrency Market News, Technical analysis
Reading Time: 2 mins read

Key Highlights

  • Ethereum price spiked higher and the recently highlighted breakout pattern on the hourly chart played well.
  • There was a contracting triangle pattern formed on the hourly chart (data feed via Kraken), which was broken by the bulls to take the price higher.
  • The price traded above the $7.50 level, and may correct a few points from the current levels moving ahead.

Ethereum price gained heavily once again and it looks like there is a chance of more upsides if the bulls remain in control.

Ethereum Price – Buy Dips?

Ethereum price consolidated for a brief period during the past couple of sessions, and finally broke higher. I highlighted a contracting triangle pattern on the hourly chart (data feed via Kraken) yesterday and suggested to wait for a break to enter a trade. The price did move higher and breached a major resistance area of $6.60. After the break, there was a nice upside move that took the price above the $7.0 level.

A new high was formed at $7.75 where sellers are trying their best to prevent additional gains. So, there is a chance of a minor correction in the short term. An initial support can be around the 23.6% Fib retracement level of the last wave from the $6.30 low to $7.75 high. It looks like the price is in the overbought territory so the bulls must be very careful in the short term and should wait for the right time to enter a trade.

Ethereum Price Technical Analysis

The price is well above the 100 hourly simple moving average (data feed via Kraken), which is a positive sign. The most important support on the downside can be at the 50% Fib retracement level of the last wave from the $6.30 low to $7.75 high.

Hourly MACD – The MACD may change the slope to the bearish zone, suggesting the price is exhausted.

Hourly RSI – The RSI is around the overbought levels, calling for a minor correction.

Intraday Support Level – $7.10

Intraday Resistance Level – $7.75

 

Charts courtesy of Kraken via Trading View

Tags: Ethereum Price analysisEthereum Price chartEthereum Price Technical Analysistrading
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Aayush Jindal

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies, and Financial Market Strategist. He specializes in market strategies and technical analysis and has spent over 15 years as a financial markets contributor and observer. He also founded an IT company and works rigorously in providing high-quality software services. Aayush possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin, and Ethereum markets. Follow him on Twitter @AayushJs.

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