Ether Price – Is This A Trend Change For ETH?
|Ethereum price jumped higher against the US Dollar and Bitcoin, as investors bought ETH aggressively during the past 24 hours.|
|There were good gains in ETH/USD, and during the upside move, the price broke a major resistance area of $12.80.|
|Yesterday’s idea of a key reversal played well, as the recent surge in ETH may trigger further upsides.|
ETH/USD pair’s 4 hours chart shows that the technical indicators have turned strongly higher, and pointing towards a trend change.
Ethereum Price Buy
Ether price climbed higher during the past 24-hours, as it looks like investors sidelined the recent DAO attack incident. There were aggressive buying noticed for ETH/USD, which took the pair higher and even above the $15.00 level.
The ETH/USD pair has some very eventful times behind it, and presumably also ahead of it if the current trend continues. During the upside move, the price broke a major resistance area of $12.80, which triggered a reversal.
Ether even traded above the $15.00 level and was following a bullish trend line until it found sellers near $15.75. The price moved down and broke the highlighted trend line on the last 24-hours chart (yellow line). It may trade further down towards the 38.2% Fib retracement level of the last leg from the $12.08 low to $15.75 high.
Moreover, the broken resistance area of $12.80 might also come into play to provide support if the price corrects down from the current levels. The importance of the same level can be visible on the last 7-days chart as well.
The recent upside stalled near the last swing high, which means there is a chance of a dip from the current levels. However, as stated earlier, we can keep an eye on the $12.80 support area for considering a buy trade.