Ether Price Trading & Technical Outlook Turns Positive
| Key Highlights | |
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Ether price jumped higher against the US Dollar, and broke the $12.80 resistance. |
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There is likely a double bottom pattern forming on the 30-min chart of ETH/USD. |
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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.
