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Ether Price Turning Point & Brexit Impact

By

Aayush

Jindal

Guest AnalystETHNews.com

Ethere price gained traction along with Bitcoin due to Brexit (UK leaving EU) news, which impacted the financial markets especially the currency world.

Key Highlights

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.

Ethereum Price Analysis Chart

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.

Ethereum Price Analysis Chart 7D

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.

Important Resistance Level

$14.50

Important Support Level

$12.80

Hourly RSI

The RSI is above the 50 level, which means the ETH bulls are in control.

Hourly MACD

The MACD is in the bullish zone, calling for a potential upside move.

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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The content on ETHNews.com is provided for informational purposes only and it is not intended to be, and does not, constitute financial advice or any other advice. You should not rely on any ETHNews.com content to make an investment decision. ETHNews.com is not responsible for any investment decision made by you. You are responsible for your own investment research and investment decisions.