Ethereum Price Technical Analysis 03/29/2016 – Further Appreciation?
Ethereum price moved into the bullish zone and settled above $11.00. Buying may be considered in the short term. See how. Ethereum price spiked higher intraday and also managed to clear a major resistance area of $11.00, as highlighted in yesterday’s post. The most important bullish sign is that ETH/USD settled above the upper bearish trend line of the descending channel pattern formed on the hourly chart (data feed via Kraken). Moreover, the move was so impressive that the price closed above the 100 hourly simple moving average. All in all the price closed in a bullish territory, and may....
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Ethereum price traded further higher, and then started consolidating gains. There is a chance of another upside move in ETH/USD moving ahead. Yesterday, I mentioned that there is a risk of more upsides in Ethereum price ETH against the US Dollar. The price did move a few points higher, but found sellers near a resistance trend line on the hourly chart (data feed via Kraken) of ETH/USD. There was a minor correction after failing to clear the trend line resistance, but the price found bids near a major support area. On the downside, the $8.00 level, which acted as a resistance earlier is....