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Ether Price Skyrockets, Are You Buying?

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether price drifted higher and traded towards $17.00 against the US dollar. Buying remains a good option as long as the current trend continues.

Key Highlights

Ethereum price surged higher during the past 48 hours and created a new high above $16.00 against the US Dollar.
ETH/USD posted healthy gains, but ETH/BTC was seen lagging as Bitcoin price also rocketed past $650 recently.

The current market sentiment remains bullish for both ETH and BTC, so we can witness more upsides in ETH/USD and BTC/USD moving ahead.

Ether Price Trend Line Support

Ether price might have surprised many traders recently, but not me as I was looking for more upsides in ETH against the US Dollar. There were nasty gains in ETH during the past 48 hours, as the price moved above a couple of important resistance levels, including $15 and $16.

Ethereum Price Analysis Chart

ETH/USD traded as high as $16.65, and it looks like there is no stopping the bulls at the moment. There is a bullish trend line formed on the last 24-hours chart of ETH/USD, which may act as a catalyst for more upsides. As long as the price is above it, it may continue to move higher.

The next target can be $17.00. However, on the other hand, if the price breaks the trend line support, then a move towards the $16.00 support area is possible.

If we look at the last 7-day chart of ETH/USD, then we can easily make out that once Ether broke $15.00, there was a nice upside ride. The trading volumes also increased heavily during the past 24 hours, signaling a lot of action in both ETH/USD and ETH/BTC.

Ethereum Price Analysis Chart 7D

Overall, buying dips remain a nice deal as long as the price is above $15.00.

Important Resistance Level

$17.00

Important Support Level

$15.00

Hourly RSI

The RSI is in the overbought levels, which is a sign that the price may correct a few points anytime.

Hourly MACD

The MACD is strongly bullish, calling for more upsides.

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

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Disclaimer
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.