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

By

Aayush

Jindal

Guest AnalystETHNews.com

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, 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

ETHNews is commited to its Editorial Policy

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