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Ether Price Soars Higher, Overcame Selling Pressure

By

Aayush

Jindal

Guest AnalystETHNews.com

ETH/USD finally moved higher and broke the $13.25 resistance area for the next leg higher. More gains to follow soon?

Key Highlights

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.

Ether Price Analysis Chart

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.

Ethereum ETH/USD Forecast

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.

Hourly RSI

The RSI technical indicator is around the overbought levels, but momentum is intact.

Important Resistance Levels

$13.50 and $13.80

Important Support Levels

$13.40 and $13.25

Hourly MACD

The MACD is now placed strongly in the bullish zone.

Aayush Jindal

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

ETHNews is commited to its Editorial Policy

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The content on ETHNews.com is provided for informational purposes only and it is not intended to be, and does not, constitute financial advice or any other advice. You should not rely on any ETHNews.com content to make an investment decision. ETHNews.com is not responsible for any investment decision made by you. You are responsible for your own investment research and investment decisions.