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Ether Price Key Reversal Unfolds After Correction

By

Aayush

Jindal

Guest AnalystETHNews.com

It was a perfect dip and bounce scenario in the ETH/USD pair, and the current charts point towards a possible bullish reversal.

Key Highlights

Ether price after completing a correction structure gained bids once again versus the US Dollar and moved higher.
The 4-hours chart of the ETH/USD pair points towards a perfect rejection around a major support area.
A break above the $13.80 resistance level could trigger an upside move towards $14.60.

Technically, Last week was relatively positive for ETHUSD as the pair rose steadily. This week can be very interesting as there are chances of a new high.

Buying Paid Off In ETH/USD

In the weekly analysis post, I mentioned that Ether price may correct further lower and then regain bullish bias against the US Dollar. The ETH/USD pair did complete a correction structure near $12.25, and started to trade higher once again.

Ether Price Analysis H4 Chart

Looking at the 4-hours chart of the ETH/USD, there is an ascending channel pattern forming. It was one of the main reasons why the pair managed to find support. There are two back to back bullish candles formed on the same chart, suggesting a possible rejection around the trend line support.

It looks like the pair may continue to trade higher and could even challenge the channel resistance trend line where it could face offers.

Ether Price Analysis Chart

In the short term, the pair is facing a resistance in the form of a bearish trend line on the hourly chart (yellow). Moreover, the same trend line coincides with the 50% Fib retracement level of the last drop from the $14.92 high to $12.25 low, acting as a hurdle for the bulls.

A break above the trend line resistance might open the gates for more gains in ETH/USD. I think one may even consider buying with a break with a stop below the recent low.

Important Resistance Levels

$13.80 and $14.10

Important Support Levels

$13.20 and $13.00

Hourly RSI

The RSI technical indicator is above the 50 level, suggesting more upsides in ETH/USD.

Hourly MACD

The MACD after staying in the bearish zone moved back into the bullish slope.

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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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.