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Ether Price Approaching New High?

By

Aayush

Jindal

Guest AnalystETHNews.com

ETH/USD enjoyed good gains during the past 2-3 days, and if all goes well the Ether buyers may easily push the pair further higher.

Key Highlights

Ether price remained in an uptrend versus the US Dollar and Bitcoin during the past couple of sessions.
The ETH/USD pair corrected lower towards $12.40, but the bulls protected the downside easily.
The price is now back up and attempting to post a new daily high.

Technically, the 4-hours chart is calling for an upside break above $13.00 as technical indicators are heading north.

ETH/USD Remains Buy Dips?

We saw a rise in Ether price during the past two days not only against the USD, but also versus the BTC. There was a nice uptrend initiated, which continued during the recent sessions as well. The price at the moment trading with a bullish bias, and looks set for more gains.

Ether Price Analysis Technical Chart

Looking backwards, there was a minor downside move in ETH/USD from the $13.00 high to $12.40. It can be considered as a correction phase, which helped the ETH bulls to step in once again. There was a solid buying interest noted at $12.40, and the pair bounced back.

There is a now a couple of important trend lines formed on the hourly chart of ETH/USD. First, there is a bullish trend line, which acted as a support recently. Second, there is a minor resistance trend line on the upside, which must be cleared for a move towards $13.00 once again.

Ethereum ETH/USD Pair Analysis

It looks like there is a crucial support formed at $12.60, which may act as a barrier for sellers if the price moves down from the current levels. So, if the pair dips, one may consider buying with a stop below the trend line support.

The 4-hours chart of ETH/USD also highlights a major support area on the downside. Also, the recent candles are pretty bullish and signaling a break of $13.00 for a new weekly high.

Important Resistance Levels

$12.90 and $13.00

Important Support Levels

$12.60 and $12.40

Hourly RSI

The RSI technical indicator is also well above the 50 level.

Hourly MACD

The MACD is strongly placed in the bullish zone and pointing towards more upsides.

Aayush Jindal

Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis. He strives to provide entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession and loves blogging.

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