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Ether Price Targets Hit, Uptrend Remains Intact

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether price continued to take advantage of uncertainty in the financial markets, and currently looks set for more upsides.

Key Highlights

Ethereum price moved higher against the US Dollar, and traded close to the $14.50 level as forecasted in yesterday’s post.
ETH/USD likely is in an uptrend, as the pair is following a bullish channel on the last 24-hours chart.
$13.75 is a support area for ETH/USD in the short term, which may play a crucial role in the next move.

ETH/USD is likely in an uptrend, as both H1 and H4 time frame charts are pointing bullish technical indicators and favoring further upside.

Ethereum Price Trend

The Brexit decision created a lot of volatility in the financial markets, and had huge market implications as GBP collapsed and non-risk currencies gained a lot of traction. ETH was also seen gaining bids, and there was an increase in volumes. ETH/USD traded higher and slowly and steadily followed an uptrend channel on the past 24-hours chart (as shown with yellow lines).

Ethereum Price Analysis Chart

The price traded close to the $14.50 level, which was highlighted in yesterday’s post. I think there may be offers around the stated level, igniting another corrective rally in ETH/USD.

However, there is a major support area formed near $13.75 (as shown with an orange line on the chart), which may act as a pivot area for the pair. As long as the price is above the stated level, it may remain in an uptrend.

No doubt, ETH/USD is bullish as this moment, as there is a support trend line formed on the last 7-days chart. The price may dip a couple of points from the current levels, but it overall looks set for a move towards the last swing high of $15.40.

Ethereum Price Analysis Chart 7D

The price is also well above the 100 hourly simple moving average, which is a positive sign for the ETH bulls in the short term.

Important Resistance Level

$14.50

Important Support Level

$13.75

Hourly RSI

The RSI is above the 50 level, suggesting a bullish bias for ETH/USD.

Hourly MACD

The MACD is almost flat, which means there may not be a major move for the next few hours.

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

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