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ETH/USD Still Well-Bid Above $10.00 Handle

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether price bounced back after breaking the $10.20 resistance against the US Dollar. It looks like ETH/USD is well-supported near $10.00 on the downside.

Key Highlights

Ether price gained pace during the past few hours against the US Dollar for a move past $10.50.
The ETH/USD pair broke yesterday’s highlighted pennant pattern formed on the 2-hour chart.
The pair moved higher, and looking to stay in the bullish zone above $10.20.

Technically, the 2-hour chart Momentum indicator is entering bullish territory with positive bias.

Ether Price Completes a Correction Wave

In the last weekly analysis, I highlighted how Ether price may have started a correction against the US Dollar. Now, it looks like the price completed correction, and resumed its upside move.

Ethereum ETH/USD Forecast

The ETH/USD pair was seen trading higher, as there was a move past the $10.20 resistance. ETH to BTC was also seen gaining pace, as the pair broke the 0.0110BTC resistance for a move towards 0.0120BTC.

Overall, the trend is currently positive for the Ether, and may continue to remain bullish in the short term. The best part was a break above yesterday’s highlighted pennant pattern formed on the 2-hour chart of ETH/USD.

The pair broke the pattern resistance along with the 38.2% Fibonacci retracement level of the last drop from the $11.87 high to $9.08 low. This means the price may have completed a correction wave, and could head towards $11.00 once again.

The recent upside move in ETH/USD is facing resistance near $10.80. The stated level also coincides with the 61.8% Fibonacci retracement level of the last drop from the $11.87 high to $9.08 low.

Ether Price Analysis Chart

The 30-min chart suggests that the price followed an ascending channel during the past few hours, and recently broke its resistance. All these are positive signs, and means Ether price is entering bullish territory.

In my view, as long as the price is above the $10.00 support area, it remains well-bid.

Important Resistance Levels

$10.80 and $11.00

Important Support Levels

$10.40 and $10.20

30-min RSI

The RSI technical indicator is reaching the overbought levels, suggesting a minor dip on the lower timeframe chart.

30-min MACD

The MACD is extending its move in the bullish zone with strong momentum.

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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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.