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ETH/USD: Sentiment Keeps Favoring Ether

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether price stayed above the $10.50 support area against the US Dollar, and soon ETH/USD might trade towards $11.00 since the market sentiment remains intact.

Key Highlights

Ether price continued to move higher against the US Dollar, and silently moved towards $10.70.
There is an ascending channel pattern formed on the 30-min chart of ETH/USD, taking the pair higher.
The 2-hour chart suggest that the pair is soon reaching a breakout point with resistance near $10.80.

Technically, the 2-hour chart indicators extended gains in the bullish territory.

Ether Price Approaching a Break?

During the past two sessions, Ether remained in control versus the US Dollar, and slowly moved higher towards $10.70. On the other hand, it was seen weakening against Bitcoin, as ETH/BTC moved below 0.0160BTC.

Ether Price Analysis Chart

When we look at the market sentiment for ETH/USD, it keeps favoring Ether. There was a slow and steady uptrend during the past few hours. The best thing was the fact that the pair stayed above the $10.50 support area.

Looking at the 30-min chart of ETH/USD, there is an ascending channel pattern formed, which is why the pair remained in an uptrend.

The pair almost tested the last swing high of $10.78, but failed to gain momentum for additional gains. However, it is still inside the highlighted channel pattern, and might make another attempt to break $10.78-10.80.

On the downside, a break of the channel support trend line may take the price towards the all-important $10.50-10.40 support area. The same area also coincides with the 50% Fibonacci retracement level of the last wave from the $10.17 low to $10.78 high.

Ethereum ETH/USD Forecast

When we look at the 2-hour chart, it looks like the pair is approaching a break. There is a contracting triangle formed with two support trend lines near $10.50. So, it signifies the importance of the mentioned support area.

Looking at the last few candles and the market sentiment, there are chances of the pair moving past the resistance area and challenging $11.00.

Important Resistance Levels

$10.80 and $11.00

Important Support Levels

$10.50 and $10.40

2-hour RSI

The RSI technical indicator is above the 50 level and pointing north.

2-hour MACD

The MACD remains well placed in the bullish zone with positive bias.

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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The content on ETHNews.com is provided for informational purposes only and it is not intended to be, and does not, constitute financial advice or any other advice. You should not rely on any ETHNews.com content to make an investment decision. ETHNews.com is not responsible for any investment decision made by you. You are responsible for your own investment research and investment decisions.