ETH/USD Forecast: Holding on to Gains near $10.70
|Ether price broke yesterday’s high of $10.70 to climb towards $10.85 against the US Dollar.|
|The ETH/USD pair corrected from the $10.83 high, but found support near $10.70, which was a resistance earlier.|
|The 2-hour chart suggests that the pair is struggling near $10.80, but may break it for more upsides.|
Technically, the 2-hour chart indicators moved further in the bullish territory, and signaling positive bias.
Ether Price Support at $10.70
Yesterday, there was a rejection in Ether price at $10.70 against the US Dollar, but the $10.55-10.50 support was seen holding the downside move. As a result, there was an upside move during the past few hours.
The ETH/USD pair moved higher, breaking the last swing high of $10.70 to challenge the $10.85 level. It traded as high as $10.83 from where it started a correction.
The pair traded lower and found support near $10.70. It was a perfect example how a previous resistance acted as a support. The $10.70 support also coincides with the 23.6% Fibonacci retracement level of the last leg from the $10.48 low to $10.83 high.
So, it was a good short-term support, as the price remained stable. It is currently attempting to move higher, but finding resistance near a bearish trend line formed on the 30-min chart at $10.80.
If there is a break above the trend line resistance, there is a possibility of a move above the recent high of $10.83. Looking at the 2-hour chart of ETH/USD, there are a few points to note.
First, the pair has formed a decent support at $10.70. Second, the next major support is at $10.60. Last, there is a bullish trend line positioned at $10.62 to act as a support on the downside if the price falls below $10.70.
Overall, it looks like the price has established a short-term bullish trend with supports at $10.70 and $10.60. It is very likely that we may witness a move towards $11.00 during the upcoming sessions.