Technically, the hourly chart indicators are once again around the same position, as they were yesterday.
Ether Price Remains Supported on Dips
Yesterday, we saw a 5-wave rising pattern in ETH/USD completing near $68.21. A counter dip looked to form around $65.00 or $64.00 before the pair moved higher once again.
Ether surpassed the $70.00 mark, setting a new all-time high at $71.61. Clearly in major bullish territory, the currency will look to continue gains in the near term.
Let’s start with the hourly chart of ETH/USD. The pair dipped yesterday towards $62.00, acting as a strong support area, representing the 38.2% Fibonacci retracement level of the last wave from the $54.00 low to $68.00 high.
A strong buying interest emerged around $62.00, igniting yet another upside move. The price moved higher, breaking the last swing high at $68.21 and clearing $70.00 to trade as high as $71.61.
At the moment, ETH/USD is facing offers above $71.00 and may enter a correction wave. There are a couple of bullish trend lines being formed with support at $66.00 and $65.00. An initial support is at $68.00, which also around with the 38.2% Fibonacci retracement level of the last wave from the $61.86 low to $71.61 high.
It looks like the pair may continue to correct lower towards $68.00 or even $66.00 where it could find support.
The 4-hour chart of ETH/USD is currently showing no sign of a top, which means the bullish trend is intact.
The content on ETHNews.com is provided for informational purposes only and it is not intended to be, and does not, constitute financial advice or any other advice. You should not rely on any ETHNews.com content to make an investment decision. ETHNews.com is not responsible for any investment decision made by you. You are responsible for your own investment research and investment decisions.