Ether Price Sighting Further Upsides
|Ether price continued to gain momentum against the US Dollar and Bitcoin to post intraday highs.|
|There was a crucial break sighted in yesterday’s post in the ETH/USD pair, which paved the way for more upsides.|
|The pair traded as high as $13.36, and currently correcting lower.|
Technically, the 2-hours chart is highlighting a major break, and the next resistance area of $13.50.
Yesterday, I highlighted a shift in the trading and technical outlook to positive for Ether. It was true, as both ETH/USD and ETH/BTC registered gains during the past 12 hours and even formed a new weekly high. Let us see how Ether price may perform going forward.
Once the price managed to close above the $13.10 resistance, there was a sharp spike towards $13.40. There was a new high of $13.36 where sellers stepped in and protected further gains. The 30-min chart clearly suggests that the recent upside move was crucial.
Currently, the ETH/USD pair is correcting lower. It is attempting to close below the 23.6% Fibonacci retracement level of the last wave from the $12.83 low to $13.36. If the price corrects further, the broken resistance of $13.10 may now act as a support.
Furthermore, there is a bullish trend line formed on the same chart. So, we can say that there is a short-term important support formed near $13.10-05. As long as the price is above it, there is a chance of further upsides going forward.
Another reason why I think the recent break was crucial is because of the 2-hours chart of ETH/USD. Yesterday, I highlighted a trend line break, which recently helped the Ether buyers in gaining strength. A clear bullish break is visible in the H2 chart. The next stop for ETH/USD on the upside could be $13.50, representing a resistance level.