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.
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.
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.