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Ether Price Analysis
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ETH/USD Sighting An Upside Break





Ether price after a dip towards $10.00 found support and moved back higher vs the USD. It looks like the ETH/USD pair may attempt to gain further strength going forward.

Key Highlights

Ether price managed to stay above the $10.00 support area against the US Dollar, and currently attempting an upside break.
There is a bearish trend line on the 2-hour chart of ETH/USD, which needs to be cleared for further gains.
The 6-hour chart suggests that the pair is struggling to gain pace, but remains above a key support.

Technically, the 2-hour indicators are turning north, pointing an upside move.

Ether Price Can Break Past $10.30-10.40?

There was a correction wave initiated in Ether price after it traded as high as $10.60 against the US dollar. The ETH/USD pair moved down towards $10.00 where it found support and recovered.

Ether Price Analysis Chart

The stated correction wave was important, as it ended near a major confluence support area, which means the ETH buyers are back. Moreover, there was a reaction near the 38.2% Fib retracement level of the last wave from the $9.14 low to $10.60 high.

So, we can say that the correction wave likely ended, and the pair is attempting an upside move. At the moment, it is trading near a bearish trend line on the 2-hour chart.

It looks like the $10.30-10.40 is a short-term hurdle for further gains. If the price manages to break it, there can be a retest of $10.60.

The last 3-4 candles on the 2-hour chart are positive, suggesting that the pair may soon break the trend line. When we have a look at a higher timeframe chart like 6-hour, the market sentiment isn’t convincing enough.

Ethereum ETH/USD Forecast Chart

The last few candles show that the price struggled to gain momentum. However, when we look at the positive side, there was a crucial trend line break. The same trend line later acted as a support.

In my view, the chances of an upside move are more as long as Ether price remains above $10.00.

Important Resistance Levels

$10.40 and $10.60

Important Support Levels

$10.00 and $9.80

2-hour RSI

The RSI technical indicator is well supported above the 50 level.

2-hour MACD

The MACD is in the bullish zone, looking to extend the slope.

Aayush Jindal

Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis. He strives to provide entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession and loves blogging.

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