ETH/USD Sighting An Upside Break
|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.
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.
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.