ETH/USD Forecast – Ether Buyers Are Back
|Ether price spiked higher against the US dollar and Bitcoin, and broke a couple of important resistance levels.|
|There was a break above the all-important range resistance area of $12.10 in the ETH/USD pair.|
|The pair even broke the $12.40 resistance for a move towards $12.60.|
Technically, the 2-hours chart of ETH/USD is all bullish and all technical indicators are suggesting more gains.
Ether Price Crucial Upside Break
I have been tracking a major range pattern for the ETH/USD pair from the past few days. Finally, there was a break noted, as Ether price managed to break the $12.10 range resistance to register a new weekly high above $12.50.
Ether price moved higher versus the Bitcoin as well to trade above the 0.0195BTC. In short, the Ether buyers conquered, and outpaced the sellers. The last few candles on the 30-min chart of ETH/USD are pretty bullish, and signaling further gains.
If at the price corrects lower, then an initial support on the downside lies at 23.6% Fibonacci retracement level of the last wave from the $11.80 low to $12.59 high. However, the most important support is around a bullish trend line formed on the 30-min chart of ETH/USD.
The same trend line is also coinciding with the 38.2% Fibonacci retracement level of the last wave from the $11.80 low to $12.59 high to act as a perfect buy zone. Any further downsides may take the price back towards the $12.10 area.
It was a monster resistance earlier, and now it may act as a support area. The 2-hours chart of ETH/USD clearly displays why the stated level is crucial. I tracked the same level for many days as a resistance, and going forward, it would be interesting to see whether the same level can act as a solid support or not.