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Ether Price - Data Accurately Predicted Bounce, Now What?

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether price after consolidating versus BTC found buyers and moved sharply higher to register a close above 0.0250BTC, which is a bullish sign.

Key Highlights

Ethereum price bounced during the past few hours and registered good gains not only against the US dollar, but also vs BTC.
ETH/USD traded above $18.00 and ETH/BTC broke 0.0255BTC resistance area.
The broken resistances in ETH/BTC at 0.0255BTC and 0.0250BTC may now act as a support area.

The recent upside surge in ETH/BTC may be real, and if the price corrects lower from the current levels, then it may find bids around 0.0250BTC.

Ether Price U-Turn

ETH started a new upside ride intraday against both majors, USD and BTC. ETH/USD was a better performer as it soared above $18.00 to post a new high. It may continue to surprise traders and could trade close to $20.00 in the near term.

Ethereum Price Analysis Chart

Coming on to ETH/BTC, ETH also managed to overcome selling pressure versus BTC and traded higher. There was a consolidation phase with resistances around 0.0255BTC and 0.0250BTC. Ethereum buyers managed to gain strength recently, and took the price above the stated resistance levels.

ETH traded as high as 0.0272BTC where it found sellers, and started to correct lower. Currently, there is a bullish trend line formed on the last 24-hours chart of ETH/BTC, which may act as a support in the short term. The most important support could be near 0.0250BTC, as it was a resistance earlier and might provide support moving ahead.

The recent break was no doubt crucial, and it can also be seen on the last 7-day chart of ETH/BTC. The 7-day chart also has a support trend line, which is coinciding the all-important levels of 0.0250BTC-0.0255BTC.

Ethereum Price Analysis Chart 7D

One may consider buying near the stated levels, as long as the price remains above the trend line support.

Important Resistance Level

0.0275BTC

Important Support Level

0.0250BTC

Hourly RSI

The RSI is in the extreme overbought levels, calling for a minor correction in ETH/BTC.

Hourly MACD

The MACD is placed comfortably in the bullish slope, which is a positive sign.

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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