Technically, the hourly chart indicators turned bullish, signaling a shift in the market sentiment for the Ether.

Can Ether Price Retain Momentum?

Today, it was a bright day for Ether, as the price managed to gain traction against the US Dollar and Bitcoin. Both ETH/USD and ETH/BTC gained some momentum and traded higher.

Ether Price Analysis Chart

The ETH/USD pair managed to find support near $9.50, and moved higher. The recent upside move was strong enough to break a couple of important resistance levels.

The most important break was of $9.80. It was acting as a crucial hurdle for a recovery in Ether price, and a break above it means the chances of further upsides are very high.

A new weekly high was formed at $10.22, and it looks like the pair may now correct a few points lower. If a correction is commenced, then an initial support can be around the $10.00 level. It also represents the 38.2% Fibonacci retracement level of the recent wave from the $9.45 low to $10.22 high.

Looking at the 4-hours chart of ETH/USD, there is another break visible. There was a monster bearish trend line, which was cleared during the upside move.

Ethereum Hard fork ETH to USD Forecast

The pair closed above it, which means there is a possibility of Ether price gaining further momentum in the short term. However, it would depend on the hard fork, and if all goes well, we may witness upsides in ETH/USD.

On the downside, the $10.00-$9.80 levels may now act as a support zone.  

Important Resistance Levels
$9.75 and $9.80
Important Support Levels
$10.00 and $9.80
Hourly RSI
The RSI technical indicator has reached the overbought levels, which may ignite a minor correction lower.
Hourly MACD
The MACD has now changed the slope from bearish to bullish.
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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
11-23-2016 ETH/USD Forecast: Resistance Turned Support
11-22-2016 Ethereum Hard Fork Impact: ETH/USD Breaks Higher
11-21-2016 ETH/USD Correcting Higher But Still Bearish
   

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