From a technical point of view, Ether price has made good progress, but facing a tough resistance near $13.00-$13.20 levels.
ETH/USD Remains Buy?
The Ether gained started a correction yesterday against the US Dollar, which was completed near $12.00. The stated level was highlighted as a major support in yesterday’s post, which did the trick in fetching buyers for the ETH/USD pair.
It was a perfect dip and bounce scenario looking at the hourly chart of the ETH/USD pair. Currently, the pair is following an ascending channel with an immediate support around $12.80.
On the upside, the most important resistance is near the $13.00-$13.20 levels. The ETH bulls struggled on many occasions in the past to break the mentioned levels, and it looks like they have a task on their hand this time.
A break above the channel resistance trend line and $13.20 may push the price further higher, and could ignite an extension of the current upside move. The importance of the stated resistance levels is also visible on the 4-hours chart, which clearly highlights how it acted as a barrier for upsides.
In my view, there is a high possibility of ETH/USD breaking the highlighted resistance area. If that happens, a test of $13.60 or $13.80 is possible in the short term.