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Ether Buyers Emerge Winners, $13.00 On The Cards?

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether price this week started a solid reversal against the US Dollar, and looks poised for further appreciation in the near term.

Key Highlights

Ether price surpassed yet another important resistance area against the US Dollar.
There was a close above the $12.00 resistance, which may now act as support.
As of writing, the ETH/USD pair is finding offers near $12.50-60 that holds the key for additional gains.

Technically, the hourly chart shows that the price has advanced well above its moving averages and currently positioned in the positive territory.

ETH/USD Weekly Gains

Yesterday, I mentioned that the recent moves in Ether price are convincing and calling for more gains against the US Dollar. There was a nice upside reaction in the ETH/USD pair recently, as it traded above $11.60-80 resistance levels to settle above $12.00.

Ethereum Ether Price Analysis Chart

A 4-hour close above $12.00 is definitely a positive sign and shows that Ether bulls won a major battle. Now, they have to stay in action and take the price further higher. On the upside, there is a crucial juncture near $12.50-60.

The stated levels are acting as an offer zone and already prevented an upside move two times. So, the bulls need to clear it soon or it may pose a threat of a downside reaction. There is a bullish trend line formed on the hourly chart of the ETH/USD pair, which can be considered as a trend catalyst.

Ether ETH Price H4 Chart

As long as the price above the trend line support, it may break higher to challenge $13.00. On the flip side, a break below the trend line may call for a short-term correction. In that situation, a test of 38.2% Fib retracement level of the last wave from the $10.25 low to $12.55 high is possible.

We should not discard the importance of $12.50-60. It acted as a major junction earlier (as can be seen in the 4-hours chart of ETH/USD). So, it won’t be easy for the bulls to clear it. Overall, a break above $12.60 could take ETH/USD towards $13.00 else a correction wave may be initiated.

Important Resistance Levels

$12.50 and $12.60

Important Support Levels

$12.20 and $12.00

Hourly RSI

The RSI technical indicator is well above the 50 level, which is a positive sign.

Hourly MACD

The MACD is strongly bullish, and showing no signs 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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