Ether Price Skyrockets, Are You Buying?
|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.
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.
Overall, buying dips remain a nice deal as long as the price is above $15.00.