Ethereum Price Technical Analysis 03/07/2016 – Target Additional Gains
Ethereum price rocketed past $11.00 during the past session. It looks like buying dips is the most fruitful idea in the near term. Intraday Support Level may be $11.20. Intraday Resistance Level can be $11.80. Ethereum price after closing the week above $10.0 found support once again and traded higher. I was anticipating a test of $11.00, and the price did break the stated level. A new high of $11.98 was formed, and it looks like there is a chance that the price may trade back higher once again. There was a minor correction noted after the price almost traded close to the $12.0 handle.....
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Ethereum price gained heavily once again. It looks like there is a chance of more upsides if the bulls remain in control. Intraday Support Level can be $7.10. Intraday Resistance Level may be $7.75. Ethereum price consolidated for a brief period during the past couple of sessions, and finally broke higher. I highlighted a contracting triangle pattern on the hourly chart (data feed via Kraken) yesterday and suggested to wait for a break to enter a trade. The price did move higher and breached a major resistance area of $6.60. After the break, there was a nice upside move that took the price....
Ethereum price seems to have its sights set higher after breaking out of a descending triangle on its 4-hour chart. Technical indicators are also supporting further gains. Ethereum price had previously consolidated inside a descending triangle pattern, forming lower highs and finding support at 0.00250. At the moment, ethereum price is testing the near-term resistance at the 0.00300 level, waiting for more bulls for another leg higher. An upside break past this level could take it up to the next area of interest at 0.00330-0.00350 then onwards to the larger triangle highs at 0.00400.
Ethereum price tumbled recently, and traded towards $8.00. It was a perfect sell, and it looks like the bulls may be exhausted. Ethereum price ETH was down and out, as there was a sharp downside move towards the $8.00 support area. I mentioned in my previous analysis that there is a chance of a decline in ETH/USD due to the technical indicators. It was a perfect sell, and the final target of $8.0 was achieved. There was a bearish trend line on the hourly chart (data feed via Kraken) of ETH/USD, which acted as a perfect catalyst for a decline. The price traded below $8.0, and a new low of....
Ethereum price moved higher and broke the $5.20 resistance area. Looking ahead, if buyers remain active more gains are likely. Intraday Support Level can be $5.20. Intraday Resistance Level may be $5.60. Ethereum price corrected this past week, but found support near the $4.00-10 area where buyers successfully defended any further losses. There was a bearish trend line formed on the hourly chart of Ethereum price (data feed via Kraken), which we were waiting to be breached to enter a long trade. The price did move higher and cleared the trend line to ignite an upside move. Our initial....