ETH/USD Slips Into Bullish Territory
|Ether price retained its bullish strength against the US Dollar and Bitcoin to register new highs.|
|The ETH/USD pair broke many important resistances, and traded above the $10.00 handle.|
|The 4-hour chart clearly points a monster bullish break with gain in momentum.|
Technically, the indicators on the 4-hour chart are bullish and extending moves in the positive zone.
Ether Price Surges Past $10.00
There was an acceleration in Ether price against both the majors (US dollar and Bitcoin). The best of the lot was the ETH/USD pair, which surged above a few important hurdles like $9.00 and $10.00.
The pair gathered pace during the past two sessions, and cleared yesterday’s swing high of $8.58 to register a close above the all-important $8.50-8.60 resistance. It opened the doors for further gains.
Ether price surged higher and not only moved past $9.00, it also broke another major resistance at $10.00. The recent high was $10.81, and it looks like the ETH buyers are not done yet.
The hourly chart of ETH/USD clearly points a bullish pattern. The price rises, consolidates, breaks the range resistance, and surges higher. It happened twice during the past few hours, and the current pattern looks like third.
The next hurdle could be around the $11.00 handle where there is a chance of sellers appearing. On the downside, the recent swing zone is at $10.40, which can be considered as an initial support. It also coincides with the 23.6% Fibonacci retracement level of the last leg from the $9.50 low to $10.81 high.
When we have a look at the 4-hour chart of ETH/USD, there is a clear bullish formation. The last 2-3 candles are super positive, suggesting an increase in the buying sentiment.
If the current trend remains intact, there is a high chance of Ether price testing the $11.00 handle in the near term. One may consider buying dips as long as the price is above $10.00 today.