Ether Price Soars Higher, Overcame Selling Pressure
|Ether price surged higher to create a new weekly high against the US Dollar and Bitcoin.|
|The ETH/USD pair broke a monster resistance area of $13.25 to trade near $13.50.|
|A bearish trend line on the 4-hours chart was broken, suggesting further upsides in the near term.|
Technically, the hourly chart is pointing the possibility of a break above today’s high at $13.52.
ETH/USD Resistance Now Support
Yesterday, I highlighted a monster resistance area at $13.25 for the ETH/USD pair, and mentioned how many times the Ether bulls failed to break it. Finally, there was a break above it, which cleared the way for the bulls to push the price further higher.
There was a new weekly high formed at $13.52, and it looks like they have not finished yet. There was a minor correction already from the recent high. It found buyers near the 23.6% Fib retracement level of the last wave from the $13.04 low to $13.52 high.
So, it means the price has already completed a correction, and there are high chances of a new high above $13.52 in the short term. If the price fails to retain the bullish momentum, and corrects lower once again, then the most important support lies at $13.25. It was a monster resistance earlier and now may provide support.
The stated support level also coincides with the 50% Fib retracement level of the last wave from the $13.04 low to $13.52 high. So, there are enough reasons to consider it as a crucial support area.
No doubt, the price broke a major resistance as it is visible on the 4-hours chart of ETH/USD. There was a bearish trend line, which was broken during the recent surge. The last four candles on the same chart are bullish, and signaling more upsides in the near term.