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.