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ETH/USD Is Interesting At The Moment

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether price blasted higher to surpass the $11.50 level against the US Dollar. However, ETH/USD may soon start a correction towards $11.00-$10.50.

Key Highlights

Ether price was pushed further higher against the US dollar, as there was a break above the $11.00 handle.
The ETH/USD pair recently traded as high as $11.87 where it is found resistance.
The pair is interesting at the moment because there is a chance of a short-term correction.

Technically, there is likely a topping signal on the hourly chart, calling for a correction.

Ether Price Support Levels Vs US Dollar

There was an increase in the bearish pressure on the US dollar after the December FOMC meeting minutes were published. Ether price took advantage of the same and moved past the $11.00 handle.

Ether Price Analysis Chart

The ETH/USD pair was seen gaining pace during the past few hours, and after breaking $11.00, it moved above the $11.50-60 resistance. A new year high was formed at $11.87 where it found resistance.

Later, the pair started correcting lower. When we look at the hourly chart of ETH/USD, there are two bullish trend lines. The pair is currently attempting a break below them. The most important point is the fact that the candle formed near $11.87 shows a topping pattern.

It is a shooting star, suggesting that a short-term top is in place, and the price may soon correct lower. An initial support on the downside is around the 23.6% Fibonacci retracement level of the last leg from the $9.55 low to $11.87 high.

Ethereum ETH/USD Forecast

However, a substantial support on the downside is at $11.00, which if cleared might open the doors for the 50% Fibonacci retracement level of the last leg from the $9.55 low to $11.87 high.

Looking at the 4-hour chart, there are many bullish candles back to back, which has not happened during the recent times. So, the trend is bullish for sure, but there is a chance of a short-term correction towards $11.00 or even $10.50.

Important Resistance Levels

$11.60 and $11.80

Important Support Levels

$11.00 and $10.80

Hourly RSI

The RSI technical indicator has started to head south towards the 50 level.

Hourly MACD

The MACD is pointing exhaustion, and signaling a correction.

Aayush Jindal

Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession, loves blogging and observing financial markets

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