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Ether Price Spikes, Breaks All Boundaries

By

Aayush

Jindal

Guest AnalystETHNews.com

ETH/USD surged higher and posted good gains intraday. Yesterday’s idea of buying worked well, as Ether buyers gained control.

Key Highlights

Ether price after a minor decline against the US Dollar spiked higher and broke the $12.10 resistance.
The ETH/USD pair traded as high as $12.59 and currently correcting lower.
My idea of buying ETH/USD was successful, as yesterday’s highlighted trend line on the 2-hours chart did well.

Technically, the 4-hours chart is now pointing a short-term top, which could produce a minor correction.

ETH/USD New High

Ether price after a test of the $11.90 support against the US dollar bounced sharply and traded higher. I highlighted a major bullish trend line on the 2-hours chart of the ETH/USD pair, and was looking for an upside move. The price did move higher and posted a new weekly high of $12.59.

Ether Price Technical Analysis Chart

The price after creating a new high found offers and currently correcting lower. If we look at the 30-min chart of ETH/USD, a clear break of a consolidation pattern is visible.

The $12.10 resistance was a major barrier, which was cleared during the recent upside move. The same level may now act as a support. It also represents the 61.8% Fib retracement level of the last wave from the $11.77 low to $12.59 high. So, it holds a lot of value and might act as a buy zone.

Ethereum ETH/USD Pair Analysis

If we look at a higher time frame chart, then the 4-hours chart also signals a major break. There was a contracting triangle pattern, which was cleared during the recent upside move.

However, the top $12.59 candle is signaling a short-term bearish pattern. It looks like an inverted hammer or even a shooting star. It means there is a chance of a downside move. The price is already correcting and may trade towards the $12.10 level. In that situation, the mentioned level can act as a major hurdle for sellers and may provide support.

Important Resistance Levels

$12.45 and $12.60

Important Support Levels

$12.20 and $12.10

30-min RSI

The RSI technical indicator is moving away from the overbought levels, signaling a correction.

30-min MACD

The MACD is strongly placed in the bullish zone, but signaling loss of momentum.

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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