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.
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.
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.