Ethereum Price Technical Analysis 03/22/2016 – Bulls Are Back!
Ethereum price moved above a major resistance area intraday. Buying dips may be a good option in the short term as long as it is above $10.50. Intraday Support Level can be $10.50. Intraday Resistance Level may be $12.00. Yesterday, I stated that if Ethereum price manages to close above the 100 simple moving average (hourly, data feed via Kraken), then we can consider a buy trade. The idea worked perfectly, as there was a break and close above the stated MA and there was a nice upside move. The price traded as high as $12.00, where it found sellers and moving ahead may correct a few points....
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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 traded down finally and also moved back below $10.0. It looks like there is a chance of a minor correction moving ahead. Intraday Support Level can be $9.07. Intraday Resistance Level may be $10.5. Ethereum price as highlighted yesterday made a new high of $11.98 where it found sellers and started to move down. The price also traded below the $10.0 level, which is a sign that bulls stepped back and failed to prevent losses. If the bears manage to gain strength, then there is a chance of more losses in the near term.
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