Key Highlights
Ethereum price continued to trade higher vs the US Dollar, and traded above the $12.00 level.
Yesterday, I suggested buying dips may be a good deal, and it looks like it played well as the price moved higher.
There is a now a bullish trend line formed on the hourly chart (data feed via Kraken) of ETH/USD, which may act as a pivot area in the short term.
Ethereum price surged above the $12.00 level, and it looks like ETH/USD bulls gained a lot of momentum. Can they continue to push prices higher? Ethereum Price Trend Line as Pivot Area
Ethereum price ETH surprised many traders , as there was almost no correction vs the US Dollar as well as Bitcoin, and the price continued to trade higher. There was a nasty upside ride, as ETH broke a couple of major resistance areas easily and even traded above the $12.00 level. Now, the most important question here is whether the price can continue to move higher or will it correct lower and move down?
The answer can be a bullish trend line formed on the hourly chart (data feed via Kraken) of ETH/USD. The highlighted trend line and support area hold a lot of importance, and it is most likely that the price may bounce one more time if ETH/USD tests it. On the other hand, if the ETH sellers manage to break the trend line, then a move towards the 38.2% Fib retracement level of the last wave from the $10.00 low to $12.70 high is possible. The price is now way above the 100 hourly simple moving average, which is a bit awkward, and could ignite a minor correction. However, you consider buying as long as the price is above the trend line support area.
Hourly […]
