Ether price gained a lot of traction during the past few hours, and it looks like yesterday’s reversal scenario played well.
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.
Important Resistance Level
Important Support Level
The RSI is moving away from the overbought levels, calling for a correction.
The MACD after a strong bullish slope may move towards the bearish zone to ignite a minor downside move.
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 marketsETHNews is commited to its Editorial Policy
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