Key Highlights
Ether price spiked higher and broke a major resistance area at $11.00 against the US Dollar.
Yesterday’s highlight was a make or break scenario, and the price did break higher towards $11.40.
The hourly chart of ETH/USD clearly points a bullish break, and signaling further upsides.

Technically, the hourly chart indicators are reaching extreme overbought levels, but there is no sign of a downside move just yet.

Ether Price Upside Thrust

Yesterday, we noticed how Ether price was trading near make-or-break levels against the US Dollar. Later, the price gained momentum, and succeeded in breaking a couple of important resistance levels.

Ether Price Analysis Chart

First, the last swing high of $10.90 was broken. Second, the all-important $11.00 resistance was cleared during the upside drift. The upside move was so strong that there was a close above the $11.00 handle.

It looks like the ETH/USD has set the pace for more gains in the near term after taking out the mentioned resistance levels. The hourly chart also highlights how there was a break above a contracting triangle pattern, which ignited an upside thrust.

The pair is now comfortably placed above the $11.00 level, and the last few candles are bullish, suggesting a positive bias for Ether price. Most importantly, Ether price also succeeded in registering gains against the Bitcoin, as ETH/BTC is now back above the 0.0110BTC.

The ETH/USD pair has traded as high as $11.38 so far, and the 4-hour chart suggests that the momentum is in favor of more gains.

Ethereum ETH/USD Forecast

So, the next major question that arises is what can be the next hurdle? In my view, Jan 5th 2017 high at 11.87 may be seen as a crucial resistance.

However, an intermediate resistance could be near $11.60. At the moment, the price is reaching overbought levels, so there is a chance of a minor correction before the trend resumes. I won’t be surprised if there is a dip to retest the $11.00 level.

Important Resistance Levels

$11.60 and $11.87

Important Support Levels

$11.20 and $11.00

4-hour RSI

The RSI technical indicator is reaching the overbought levels, but with no sign of a change in direction.

4-hour MACD

The MACD has moved sharply into the bullish slope.
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Ether Technical Analysis

07-26-2017 ETH/USD Forecast: Ether Plunge Into Support
02-05-2017 ETH/USD Weekly Forecast: Trend Overwhelmingly Bullish
02-04-2017 ETH/USD Major Breakout Above $11.00
02-03-2017 ETH/USD Nearing Make-or-Break Levels

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