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.
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
