Ether succeeded in outperforming the US Dollar for another day on Friday, having retaken the $12.00 major level. It looks like the ETH/USD pair is eyeing more upsides going forward.
Ether price was unstoppable as it spiked higher against the US dollar to trade above a couple of key resistance levels.
Yesterday’s view of uptrend resumption in ETH/USD was correct, as the pair managed to retain the bullish bias.
The price even closed above the $12.00 handle, which is a strong signal and must put the bears on the back foot.
Ether price is currently showing a lot of bullish signs against the US Dollar, which increases the possibility of more gains in the short term.
ETH/USD Remains Bullish
The Ether bulls dominated the past couple of sessions and outpaced the US dollar to register more than 10% gains during the past 24 hours. The recent upside drift was such that a couple of important resistance levels like $11.20 and $11.80 were broken.
Yesterday, I mentioned that the ETH/USD pair may attempt to regain the $11.20 level. It not only succeeded in settling above it, but also broke another resistance area of $11.80-$12.00.
Currently, there is a clear uptrend, which can be seen in the last 24-hours chart of the ETH/USD pair. The price at this moment is trading near $12.25-$12.30 with no sign of any correction in the short term. So, the pair may continue to head higher until sellers step in to prevent the upside.
There was a sharp increase in the trading volume as well, which was one of the reasons why the price rocketed higher. The last 7-days chart of the ETH/USD pair clearly shows that the bulls took out a couple of critical resistance trend lines to set the pace for an upside move.
As it can be seen from the chart, the $11.50-$11.60 levels were the last major resistance area. So, if the price moves down from the current levels, it may provide support and act as a buying area.
Important Resistance Levels
$11.30 and $11.50
Important Support Levels
$12.00 and $11.60
The RSI indicator is around the overbought levels, but not showing any sign of down move.
The MACD is strongly placed in the bullish zone, pointing towards buyers’ strength.
Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis. He strives to provide entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession and loves blogging. ETHNews is commited to its Editorial Policy
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