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ETH/USD Sighting An Upside Break

By

Aayush

Jindal

Guest AnalystETHNews.com

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, 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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