September 27, 2016 12:17 PM
Ether price made an impressive move versus the US Dollar and Bitcoin, changing the outlook to positive in the short term.
Key Highlights
Ether price jumped higher against the US Dollar, and broke the $12.80 resistance.
There is likely a double bottom pattern forming on the 30-min chart of ETH/USD.
The pair is currently trading above $13.00, and looks set for further gains.
Technically, the 2-hours chart is pointing a trend line break, which needs a candle close above it.
Ether Price Upside Break
Yesterday, I highlighted a couple of resistances and was looking for a break in Ether price. It did move higher not only versus the US Dollar, but the ETH/BTC pair also registered gains. The ETH/USD pair broke an initial resistance of $12.80 to set the pace for an upside move.
An important point to note from the 30-min chart of ETH/USD is the formation of a double bottom pattern. I have highlighted it with yellow circles. If the pattern of rejection is correct, there is a possibility of a move towards the $13.25 level minimum.
The pair is currently above the $13.00, and the Ether bulls are looking for a break above a major resistance of $13.10. The stated level is a major barrier for a sustained move in ETH/USD, as highlighted in yesterday’s post as well.
When we look at the 2-hours chart of ETH/USD, we can see that there is an attempt to break a bearish trend line. However, there is no 2-hour candle close above it yet.
If the Ether bulls succeed in a close, it would mean that the price succeeded in breaking $13.10. In that scenario, there is a high probability of ETH/USD gaining traction. The pair may even trade towards $13.50, which shifts the trading and technical outlook to positive for Ether. A failure to close above the trend line resistance may push the price back below $13.00.
Important Resistance Levels
$13.10 and $13.25
Important Support Levels
$13.00 and $12.80
2-hours RSI
The RSI technical indicator is turning north and signaling the buyer’s entrance.
2-hours MACD
The MACD is changing the slope and pointing towards more upsides.
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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