Ether Price Approaching New High?
|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.
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.
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.