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ETH/USD Nearing Make-or-Break Levels

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether price bounced once again versus the US Dollar, and reached an important resistance area. Can ETH/USD break it for further upsides?

Key Highlights

Ether price formed a bottom near $10.50 against the US Dollar, and moved back towards $10.85.
The ETH/USD pair is currently trading with a bullish bias, and attempting a break above the $10.85-10.90 resistance.
The 4-hour chart suggests that there is an expanding triangle pattern, and the pair is attempting a break above it.

Technically, the 4-hour chart indicators are placed well and may extend moves in the bullish territory.

Ether Price to Retest $11.00?

In yesterday’s analysis, we saw how Ether price found support near $10.50 against the US Dollar. There were chances of a bounce since it was holding well. The price did move higher later, and managed to retest the $10.85 resistance.

Ether Price Analysis Chart

There was a nice upside move in ETH/USD, as the pair succeeded in forming a new intraday high at $10.90. At the moment, the price is just hovering near $10.80, and looking for a close above the stated level.

If there is an hourly close, and the pair maintains the momentum, there is a chance of a ride towards $11.00, which represents the previous swing high.

We can clearly see observing at the hourly chart of ETH/USD that the pair is trading with a positive tone, and looking to settle above the $10.80-10.85 resistance. If the pair fails to move higher, there are many support levels on the downside.

An initial support is around a bullish trend line on the hourly chart at $10.70. It is also around the 38.2% Fibonacci retracement level of the last leg from the $10.51 low to $10.90 high.

Ethereum ETH/USD Forecast

The 4-hour chart of ETH/USD suggests that the pair is heading towards a breakout level. There is an expanding triangle pattern formed, and the pair is currently attempting to break its resistance.

If Ether price succeeds in breaking it, there can be a move towards $11.00. On the other hand, a failure may push it back towards the triangle support at $10.60.

Important Resistance Levels

$10.85 and $11.00

Important Support Levels

$10.70 and $10.60

Hourly RSI

The RSI technical indicator is above the 50 level and moving higher.

Hourly MACD

The MACD is comfortably placed in the bullish slope.

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

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