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Home Cryptocurrency news

Ethereum Price Technical Analysis – Final Target Achieved

Aayush Jindal by Aayush Jindal
5 years ago
in Cryptocurrency news, Technical analysis
Reading Time: 2min read
Ethereum Price Technical Analysis – Final Target Achieved
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Key Highlights

  • Ethereum price continued to trade higher and finally my much awaited target of $15.00 was hit vs the US Dollar.
  • A critical bearish trend line formed on the hourly chart (data feed via Kraken) of ETH/USD was broken to clear the way for more gains.
  • The price settled above the $15.00 level, which is a bullish sign and may call for more upsides.

Ethereum price was boosted recently against the US Dollar, and the ETH bulls managed to gain control for a ride higher.

Ethereum Price Buy

Ethereum

Ethereum price ETH after making a third attempt finally managed to move higher against the US Dollar. ETH/USD traded above a very important resistance area of $15.00 and settled above it. The price traded as high as $15.76 where it found sellers and may correct down in the near term. During the upside move, ETH/USD managed to break a bearish trend line formed on the hourly chart (data feed via Kraken).

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The second most important point is the fact that the price moved above the 100 hourly simple moving average, which is a sign that the bulls are here to stay. If the price corrects lower from the current levels, then the 23.6% Fib retracement level of the last leg from the $13.80 low to $15.76 high may act as an initial support. The next one will be around the 38.2% Fib level of the same wave.

However, the most crucial support might be around $15.00, which acted as a resistance earlier, and could act as a buy zone for the bulls moving ahead.

Hourly MACD – The MACD is about to change the slope to bearish zone, which means a short-term correction is possible.

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

Major Support Level – $15.30

Major Resistance Level – $15.75

Charts courtesy of Kraken via Trading View

Tags: bitcoinblockchainbusinessdaytradingeconomyethereumethusdfinanceforexOpiniontradingvirtual currency
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Aayush Jindal

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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