Ether Price Signaling Bullish Continuation
|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.