Technically, the 4-hours chart suggest that the indicators started turning north, which is a positive sign.

Ether Price Facing Crucial Resistance

Yesterday, Ether price started a recovery against both majors (US Dollar and Bitcoin). The ETH/USD pair spiked above $11.00, and the ETH/BTC pair managed to close above 0.0150BTC. The most significant point about the recent recovery was the fact that ETH/USD held the all-important $10.00 support.

Ether Price Analysis Chart

The pair started a corrective rally, and cleared a couple of important hurdles on the way up. First, a bearish trend line on the hourly chart was broken. Second, the 50% Fibonacci retracement level of the last drop from the $11.58 high to $9.67 low was cleared.

Both these opened the doors for further upsides. As a result, there was an hourly close above the $11.00 handle. The ETH/USD pair is currently consolidating gains and may correct a few points lower. In that case, it might find buyers near a support trend line formed on the hourly chart.

Ethereum ETHUSD Forecast Chart

When we look at a higher time frame chart to analyze the strength of the current recovery, then the 4-hours chart suggest that Ether price is gaining momentum. The last few candles were bullish, and shows that buyers succeeded in taking the price higher.

However, there is another critical point to consider. There is a major resistance zone at $11.40-50, as highlighted in the chart. It was a support earlier, and at the moment preventing gains. A clear break above the highlighted resistance might confirm a short-term reversal in ETH/USD.

Important Resistance Levels
$11.40 and $11.50
Important Support Levels
$11.00 and $10.80
Hourly RSI
The RSI technical indicator has recovered well, and now above the 50 level.
Hourly MACD
The MACD is strongly placed in the bullish zone, and calling for more gains.
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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 Declining Streak Likely To Continue
11-01-2016 Ether Price Drifting Lower Once Again
10-31-2016 Is This ETH/USD Recovery Real?
10-30-2016 ETH/USD: Here Why $10.00 Support Is So Important
   

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