January 20, 2017 10:14 AM
Ether price gained strength for a move higher against the US Dollar and Bitcoin. It looks like ETH/USD is preparing for a ride towards $11.00.
Ether price popped higher against the US Dollar, and not only tested the $10.60 high, but also broke it.
There were also gains against the Bitcoin, as the price was seen trading near 0.0120BTC.
The 4-hour chart suggests that the pair is approaching the Jan 9th swing high, above which the pair may attempt a test of $11.00.
Technically, the hourly indicators continued to extend gains in the bullish territory.
Ether Price Continue To Challenge Highs
Yesterday, we analyzed two things. First, the chances of Ether price retesting $10.60 against the US Dollar. Second, the possibility of an upside move as long as Ether price remains above $10.00.
It looks like ETH/USD pair succeeded in both cases. It not only tested the last swing high of $10.60, but also broke it for further gains. There was a new intraday high formed at $10.78, and it looks like the upside is not over yet.
Another encouraging aspect was upsides against the Bitcoin. The ETH/BTC pair moved higher, and traded near 0.0120BTC, putting ETH buyers in control vs BTC.
The hourly chart of ETH/USD suggests that the pair broke the $10.40-10.50 resistance area, which may now act as a support if the pair corrects lower. An initial support on the downside lies at the 23.6% Fib retracement level of the last wave from the $9.90 low to $10.78 high.
When we look at the 4-hour chart, it looks like the price is attempting a major upside break above $10.80.
If there is a clear break above $10.80, it would open the doors for a move towards $11.00. In my view, Ether price remains in an uptrend, and any setbacks from the current levels may find support on the downside near $10.50-10.40.
Important Resistance Levels
$10.80 and $11.00
Important Support Levels
$10.50 and $10.40
The RSI technical indicator is well above the 50 level, and slowly heading towards overbought levels.
The MACD is strongly placed in the bullish zone, suggesting more upsides.
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 marketsETHNews is commited to its Editorial Policy
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