ETH/USD Forecast: What The Recent Bounce Means?
|Ether price after testing the range support area near $9.50 bounced sharply against the US Dollar.|
|The ETH/USD pair broke a bearish trend line on the 30-min chart, and accelerated above $9.60.|
|The pair is now back trading near the range resistance area around $10.00 where it is facing offers.|
Technically, the 2-hour chart indicators have recovered well and now above their mid-lines.
Ether Price Regains Traction
Earlier, there was a minor dip in Ether price against the US Dollar amid an increase in the bearish pressure. However, the range support area near $9.50 held the downside move and prevented further losses.
The ETH/USD pair moved higher sharply. On the other hand, the ETH/BTC pair was seen struggling, as Bitcoin price was seen surging as well, keeping pressure on ETH To BTC in check.
A lot of positive signs to take from the recent rise in Ether price. It made a nice upside move, breaking a bearish trend line on the 30-min chart. The rise was such that the price easily managed to clear the full extension of the last decline from the $9.85 high to $9.53 low.
It prompted a move towards the 1.236 extension of the same wave from the $9.85 high to $9.53 low. The pair traded as high as $9.95 where it faced resistance.
We have been tracking a major range resistance near $10.00, and it looks like it is again playing its part. The 2-hour chart of ETH/USD clearly highlights the range. On the positive side, the recent bounce was encouraging, as it occurred from the range support of $9.50-9.60.
A key point is that the last 3-4 candles on the H2 chart are pretty bullish, suggesting positive signs. However, the pair needs to clear the $10.00 hurdle for further gains. If there is a close above $10.00, the price may easily drift towards $10.50.