The current movement is viewed as a rebound. If there is a sustained move above $11.00, there can be a trend change.

Ether Price Bullish?

Ether sellers finally managed to break the $11.00 support yesterday against the US Dollar, but $10.80 came for rescue. The price traded a few basis points below the stated level and found bids. The ETH/USD already started a rebound and charts are signaling further gains in the near term.

Ethereum Ether Price Technical Analysis

Currently, the pair is trading near $11.00, which was a support earlier and currently acting as resistance. Moreover, there is a bearish trend line formed on the hourly chart, which is coinciding at $11.00.

The last few candles are positive on the hourly chart, which is a signal of more gains in the near term. So, there is a chance of ETH/USD breaking $11.00. In that situation, there is a scope for a test of $11.40, which is the next hurdle on the upside.

Ether Price ETH Trend Analysis

On the downside, the $10.80 support may play a major role. A break and close below it would negate the possibilities of a rebound. If we look at the 4-hours chart of ETH/USD, there is a descending channel pattern formed.

The Ether bulls at the moment attempting to break the highlighted channel resistance. If they succeed, it would be a major signal of a reversal in the near term. The last 2 candles on the 4-hours chart are pretty bullish, and signaling bullish signs. In my view, if there is a break, then it may change the trend to bullish.

Important Resistance Levels
$11.00 and $11.40
Important Support Levels
$10.80 and $10.60
Hourly RSI
The RSI technical indicator has moved above the 50 level, which is a positive sign.
Hourly MACD
The MACD looks like about to change the slope from bearish to bullish.
Disclaimer:
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.

Ether Technical Analysis

Today ETH/USD Weekly Forecast: Odds of Further Declines Increase
08-19-2016 ETH/USD – Ether Sell-Off To Continue?
08-18-2016 Scope For A Test of $11.40 In ETH/USD
08-17-2016 ETH/USD Forecast – Forming Base, Waiting For a Break
   

Subscribe to our Newsletter

* indicates required
Email Address *
First Name
Last Name
Country
News Categories of Interest