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Ether Price Skyrockets, Bears Watch Out

By

Aayush

Jindal

Guest AnalystETHNews.com

The Ether gained significant ground against the US Dollar and Bitcoin. It enjoyed a bullish week on the brighter growth outlook after a successful Hard Fork.

Key Highlights

Ether price continued to surge higher against the US Dollar, and registered new weekly gains.
Yesterday’s analysis was perfect highlighting more gains in the ETH/USD pair.
The ETH/USD pair traded close to the $15.00 level where the bears appeared to defend further upsides.

Technically, the risk is of more gains in ETH/USD if the current market sentiment remains intact.

ETH/USD Upside Thrust

Yesterday’s post title “Ether Price About to Explode” was perfect according to the market situation. The price did burst higher and broke a couple of major resistance levels, including $13.20 during the upside move. A new weekly high of $14.92 (average price) was registered.

Ether Price Analysis Chart

If we look at the hourly chart of the ETH/USD pair, it looks like there were offers presented around the all-important $15.00 level. It is acting as a crucial hurdle for the ETH bulls and may ignite a minor correction in the short term.

There is also a resistance trend line formed on the same chart (yellow), which is preventing a break of $15.00. The pair already started correcting lower, and may head towards the 38.2% Fib retracement level of the last wave from the $12.00 low to $14.92 high.

Ether Price Analysis Chart 4H

There are a couple of key support levels on the downside. First, around $13.60 and the second one is at $13.20, which also coincides with the 50% Fib retracement level of the last wave from the $12.00 low to $14.92 high.

The importance of the stated support levels is also visible on the 4-hours chart with a green line. It shows the mentioned levels acted as a resistance earlier and provide support going forward. In my view, there is a chance of a correction in ETH/USD towards $13.60-$13.20 where the bulls might appear again.

Important Resistance Levels

$14.80 and $15.00

Important Support Levels

$13.60 and $13.20

Hourly RSI

The RSI is well above the 50 level, which is sign of recent strength in ETH.

Hourly MACD

The MACD has moved from bullish to bearish zone, signaling the start of a correction.

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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