Ether Price Turning Point & Brexit Impact
|Ethereum price traded higher Intraday versus the US Dollar, and yesterday’s highlighted support area acted as a perfect buy zone.|
|In a major event today, the financial markets were in a state of shock following the Brexit outcome in which the UK has voted to leave the European Union.|
|ETH is currently testing a support area, and if it holds there is a possibility of a move towards $14.50.|
ETH/USD turned more bullish and is still rising, suggesting there is more upside potential in the short term.
Ethereum Price Rise
There were inflows noted for the safe havens due to the UK poll result, which showed that the UK voted to leave the EU. Brexit impacted the market, as currency pairs like GBP/USD and EUR/USD traded down. On the other hand, Ethereum price and Bitcoin price managed to gain traction during the current uncertainty time.
ETH/USD climbed higher, as yesterday’s monster support area of $12.80/50 acted as a barrier for sellers, and pushed the pair higher. The price traded towards the $14.50 level, and once again found offers. ETH is currently correcting lower, and finding bid near the $13.75 support area (as shown with a red line in the last 24-hours chart).
Moreover, there is a bullish trend line formed on the same chart, which may act as a support area if the price moves further down.
The most important point is that yesterday’s trend line on the last 7-days chart of ETH/USD played its part well in acting as a buy zone for Ether.
As long as the price is above the trend line support, there is a chance of a move towards the $14.50 level. On the downside, the $12.50/80 support area holds the key.