ETH/USD Weekly Forecast: Time To Buy Ether?
|Ether price slowly moved higher and tested the $11.00 level against the US Dollar.|
|There is a major bullish trend line on the 4-hour chart of ETH/USD with support near $10.70-10.60.|
|The daily chart suggests that the price is now above a major support area, and looking for more gains.|
Technically, the 4-hour chart indicators are following nice bullish wave with positive trajectory.
Ether Price to Extend Gains above $11.00?
Yesterday, we analyzed the chances of Ether price moving past the $10.70 resistance area and challenging $11.00 against the US Dollar. The ETH/USD pair did trade higher, and tested the $11.00 level.
It was a good week for Ether price, as it recovered well against the US Dollar and Bitcoin. ETH/BTC pair closed the week above 0.0150BTC, and ETH/USD had a daily close above $10.00.
All these are positive signs for Ether, and it looks like the market sentiment is building up nicely, which means there are chances of more upsides in the near term.
When we look at the 4-hour chart of ETH/USD, there is a clear uptrend. The pair followed a nice bullish trend line and managed to settle above a major resistance area at $10.60-10.70 before testing the $11.00 handle.
The pair at the moment is consolidating below $11.00, and may be positioning for a break above the mentioned level. If there is a dip in the short term, then the broken resistance at $10.60-10.70 might come into play and act as a support.
Considering a higher timeframe chart like daily, there are a couple of important points to note. First, there was a daily close above the $10.00 handle, which was a major resistance. Second, there was a convincing close above the 38.2% Fibonacci retracement level of the last decline from the $14.30 high to $5.94 low.
And, the last is the market sentiment, which is currently building bullish momentum. Overall, Ether price remains in the bullish territory, and may look to extend gains during the upcoming week as long as it stays above the $10.00 level.