Ether Price Skyrockets, Bears Watch Out
|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.
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.
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.