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.
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?
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.