Technically, the indicators on the 30-min chart are signaling bullish continuation.

Ether Price to Gain Momentum?

There was no major move in Ether price during the past few hours against the US Dollar. The ETH/USD pair was mostly stable, and remained above an important support area of $10.80. On the other hand, the ETH/BTC pair traded a fraction higher, as there was a decline in Bitcoin price recently.

Ether Price Analysis Chart

When we look at the 30-min chart of ETH/USD, there are a few positive signs. First, the pair looks like it is in a bullish trend with a slow and steady pace. Second, there is a support trend line, acting as a buy zone on the downside.

Third, there was a break above a bearish trend line (red) on the same chart, signaling further gains in the short term. Currently, the pair is attempting to clear the $11.00 resistance area. A successful close above the stated level may push the price towards the next resistance at $11.25.

Ethereum ETHUSD Forecast Chart

I mentioned yesterday as well that the $11.25 level is a major hurdle for a sustained upside move in Ether price. We can also see it’s importance on the 2-hours chart of ETH/USD. There is a breakout pattern formed on the chart with resistance at the same level.

On the downside, the $10.80 holds the key. In my view, we may witness ranging moves for a few more sessions before there is a break. There are a few important releases in the US today, like the nonfarm payrolls, which may impact the dollar and ETH/USD.

Important Resistance Levels
$11.00 and $11.25
Important Support Levels
$10.80 and $10.50
2-hours RSI
The RSI technical indicator is just above the 50 level, waiting for an increase in the momentum.
2-hours MACD
The MACD is 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 Declining Streak Likely To Continue
11-05-2016 Ether Price Testing Traders Patience
11-04-2016 ETH/USD: Charts Signal Positive Momentum
11-03-2016 ETH/USD at Potentially Significant Break
   

Subscribe to our Newsletter

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