Technically, there was a shift in the market sentiment as well as indicators are now heading north.
Ether Price Bullish?
During the past few sessions, we saw swing moves in Ether price versus the US dollar. There was a sharp decline below $8.00 after the BTC hack news, and then it bounced back to trade above $10.00.
Yesterday, I highlighted the importance of $10.00 as resistance. The ETH bulls struggled slightly around the stated level, but later they managed to break it. They also cleared a bearish trend line formed on the hourly chart of ETH/USD.
The price is now trading above the $10.00 resistance and if it corrects lower, the same level can provide support. The past few hourly candles in ETH/USD suggest that the bulls are exhausted, which may result in a correction. However, there are many bullish signs on charts, signaling that there is a change in trend and the pair may trade further higher.
Looking at the 4-hours chart of the ETH/USD pair, there is another clear break visible in the form of a trend line. Moreover, it looks like yesterday’s highlighted bullish candle was successful in pushing the price higher.
In my view, Ether price may continue to trade higher and every correction in the near term may find buyers on the downside. The broken resistance of $10.00 may now act as support going forward. On the upside, the $11.00 level might come into play to rescue sellers if the price continues to rise.