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Ether Price Analysis
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ETH/USD Forecast: Bullish, But Beware of $11.00





Ether price remained above the $10.50 support area against the US Dollar, but buyers need to be careful as $11.00 is acting as a strong resistance.

Key Highlights

Ether price remained below the $11.00 resistance against the US Dollar, and was seen struggling to hold gains.
The ETH/USD pair traded towards $10.50 where it found support and moved higher.
The 2-hour chart suggests that the pair broke a bullish trend line, which means the price is struggling to break $11.00.

Technically, the 2-hour chart indicators just managed to stay in the bullish territory.

Ether Price Major Upside Hurdle

We recently saw Ether price rising towards $11.00 against the US Dollar, but there was no break above the stated level. It acted as a strong resistance and contained the upside move.

Ether Price Analysis Chart

The ETH/USD pair consolidated for some time below the stated level before moving down. There was a dip towards the $10.60-10.50 area, which acted as a support and prevented any further losses.

The pair recovered from $10.55, and moved above the 23.6% Fibonacci retracement level of the last decline from the $11.00 high to $10.55 low. During the upside move, the price moved above a bearish trend line formed on the 30-min chart.

However, it looks like the price is struggling to move past $10.80, which also represents the 50% Fibonacci retracement level of the last decline from the $11.00 high to $10.55 low.

If the pair needs to retest $11.00, it has to break the $10.80 level. When we look at the 2-hour chart of ETH/USD, there are a few concerns. First, the chart clearly shows how there was a continuous struggle to move above $11.00.

Ethereum ETH/USD Forecast

Second, there was a break below a major connecting bullish trend line, igniting a downside move. Third, the $10.50 support area held the downside well, and currently acting as a barrier for further losses.

Overall, it looks like there are two important levels to watch out - $11.00 as a crucial resistance, and $10.50 as a major support. As long as the price holds $10.50, there is a chance of the pair attempting a move towards or above $11.00.

Important Resistance Levels

$10.90 and $11.00

Important Support Levels

$10.60 and $10.50

30-min RSI

The RSI technical indicator after a downside reaction now back above the 50 level.

30-min MACD

The MACD is in the bullish slope 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. He strives to provide entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession and loves blogging.

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