Ethereum Price Weekly Analysis – Can ETH/USD Remain Bullish?

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Key Highlights

  • Ethereum price finally managed to gain traction this past week against the US Dollar for a move towards $11.00.
  • There was a crucial bearish trend line formed on the daily chart of ETH/USD (data feed via SimpleFX), which was broken during the upside move.
  • The price is currently in the bullish zone, but struggling to gain further momentum above $11.00.

Ethereum price spiked higher this past week and closed above a major hurdle against the US Dollar. More gains possible in ETH/USD moving ahead?

Ethereum Price Upside Break

This past we saw how there was an upside break in Ethereum price against the US Dollar for a move towards the $11.00 level. The price also managed to move higher against the Bitcoin, which was a positive sigh. The ETH/USD pair initially broke the 23.6% Fib retracement level of the last decline from the $14.26 high to $5.69 low, which opened the doors for more gains.

Later, the price managed to clear a crucial bearish trend line formed on the daily chart of ETH/USD (data feed via SimpleFX). This further ignited an upside move. The price then moved above the 50% Fib retracement level of the last decline from the $14.26 high to $5.69

Read more ... source: NewsBTC USA

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