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Ether Price Signaling Continuous Gains

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether price attempt to trade higher Vs BTC was successful, as ETH/BTC settled above a major resistance area and currently signaling further upsides.

Key Highlights

Ethereum price traded higher against the US Dollar and Bitcoin intraday and managed to break a major resistance zone.
Yesterday’s highlighted crucial triangle pattern on the 7-day chart of ETH/BTC was broken to clear the way for more gains.

ETH posted good gains intraday, and almost all technical indicators are showing bullish signs for Ether in the short term.

Ether Price Correction Before Higher?

If we have a look at the last 24H chart of ETH/BTC, then it is quite clear that the ETH bulls were in control in taking the price higher. There was a nasty increase in the trading volumes as well. The price traded as high as 0.02569BTC before it found sellers and started to move down.

During the downside move, ETH/BTC broke a bullish trend line formed on the last 24H chart, and traded towards the 0.0245BTC support area. The price has almost retraced 38.2% Fib level of the last wave from the 0.0236BTC low to 0.02569BTC high. So, there is a chance of ETH gaining bids around the current levels or 0.0245BTC.

Another important aspect to note is on a higher time frame chart. Yesterday, I highlighted a critical triangle pattern on the last 7-day chart of ETH/BTC, and was hoping for a break. The price did move higher, and broke the triangle resistance trend line to set the pace for an upside move in the short term.

The recent break is encouraging for one more reason, which is the fact that the price is now above the 100 hourly simple moving average. So, if the price moves a few points down from the current levels, then it might face bids on the downside around the 100 SMA or 0.0240BTC.

One may even consider buying near the stated level with a stop of a close below the 100 SMA.

Intraday Resistance Level

0.0250BTC

Intraday Support Level

0.0240BTC

Hourly RSI

The RSI is currently above the 50 level, suggesting bullish signs for ETH in the short term.

Hourly MACD

The MACD went back from the bullish to bearish slope, which is a sign of a minor correction.

Aayush Jindal

Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession, loves blogging and observing financial markets

ETHNews is commited to its Editorial Policy

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The content on ETHNews.com is provided for informational purposes only and it is not intended to be, and does not, constitute financial advice or any other advice. You should not rely on any ETHNews.com content to make an investment decision. ETHNews.com is not responsible for any investment decision made by you. You are responsible for your own investment research and investment decisions.