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Ether Price Positive Tone Persists

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether price surged higher, breaking a crucial resistance at $10.00 against the US Dollar, which means ETH/USD is now back in the bullish zone.

Key Highlights

Ether price maintained the bullish bias against the US Dollar, and broke a major resistance near $10.00.
There was a solid upside move, as the ETH/USD pair cleared a bearish trend line on the 4-hour chart.
On the upside, the $10.50-10.60 area acted as a resistance, and prevented further gains.

Technically, the hourly chart indicators turned bullish, and remains well positioned.

Ether Price Upside Move and Support

Yesterday, we saw how the Ether price gained traction, and bounced higher against the US Dollar. Later, during the day, there were further upsides in ETH/USD.

Ethereum ETH/USD Forecast Chart

The best part was the fact that the pair moved above a major resistance area at $10.00, signaling bullish continuation. The pair traded as high as $10.60 after the break before facing offers.

A couple of key points about the recent break – First, the $10.00 level was a major barrier broken. Second, a bearish trend line on the 4-hour chart was cleared during the upside ride. Lastly, the technical indicators on the hourly and 4-hour chart turned bullish.

When we look at the 4-hour chart, there was a clear bullish break. However, the upside move faced resistance near another critical area at $10.50-10.60.

As can be seen in the chart, the same area was a resistance earlier as well. It was no surprise it managed to stop the current upside move, leaving us questioning if this is the end of the recent bullish move?

Ether Price Analysis Chart

Its not all doom and gloom , as the broken resistance at $10.00 might now act as a support and buy zone. If Ether price corrects lower, then it may find a lot of support levels.

The hourly chart of ETH/USD suggests that the $10.00-10.20 is already acting as a barrier for a downside move. Moreover, the $9.80 level could also provide support on the downside.

So, it looks like the bullish tone is here to stay as long as the price is above the stated support levels.

Important Resistance Levels

$10.50 and $10.60

Important Support Levels

$10.00 and $9.80

Hourly RSI

The RSI technical indicator is well above the 60 level, signaling positive signs.

Hourly MACD

The MACD is now placed comfortably in the bullish slope.

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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