ETH/USD: Bullish Sequence Favors More Upside
|Ether price broke the last swing high at $11.48 against the US Dollar to register a new weekly high.|
|The ETH/USD pair is following a nice bullish sequence with support formation at $11.50 and $11.45.|
|On the upside, the next stop for the pair remains at $11.87.|
Technically, the 2-hour chart indicators extended their moves in the bullish territory.
Ether Price Uptrend in Play
Finally, there was an extension of the recent bullish wave, as Ether price broke the $11.48 high to create a new weekly high at $11.59 against the US Dollar.
The ETH/USD pair after trading as low as $11.26 resumed its uptrend, and formed an ascending channel pattern on the 30-min chart. It moved higher slowly inside the channel pattern until there was an increase in the bullish sentiment.
As a result, there was a break above the channel resistance trend line at $11.48 for a move towards $11.60. A new weekly high was formed at $11.59 before the price started consolidating gains.
The price at the moment trading in a range below $11.60, and may trade a few points lower. An initial support is at $11.50-11.48, which coincides with the broken channel trend line and the 23.6% Fibonacci retracement level of the last wave from the $11.26 low to $11.59 high.
The $11.48 level was also a resistance earlier, so it might act as a support now. When we have a look at the 2-hour chart of ETH/USD, the pair looks set for further upsides.
It broke yesterday’s highlighted consolidation flag pattern to ignite an upside move. The last three candles are bullish, and points a three outside up sequence.
It is a positive sign, suggesting more upside in Ether price. On the downside, below $11.48, there is a bullish trend line (connecting lows), waiting to act as a support at $11.25. In short, the price may extend the current rally and has several supports on the downside in case there is a dip.