Key Highlights
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.

Ether Price Analysis Chart

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.

Ether Price Analysis Chart 7D

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

Hourly RSI

The RSI indicator is around the overbought levels, but not showing any sign of down move.

Hourly MACD

The MACD is strongly placed in the bullish zone, pointing towards buyers’ strength.
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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.

Ether Technical Analysis

Today ETH/USD Weekly Forecast: Ether In Clear Uptrend
07-16-2016 Ether Price Trading Near Major Inflection Point
07-15-2016 Ether Price Signaling Bullish Continuation
07-14-2016 Ether Price Attempts To Regain $11.20 Versus USD
   

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