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ETH/USD: Bullish Sequence Favors More Upside

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether price is back in fashion, rallying against the US Dollar above the $11.48 resistance. The current bias for ETH/USD favors more upside.

Key Highlights

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.

Ether Price Analysis Chart

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.

Ethereum ETH/USD Forecast

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.

Important Resistance Levels

$11.60 and $11.87

Important Support Levels

$11.48 and $11.25

2-hour RSI

The RSI technical indicator after a minor dip turned north, and currently placed well above the 50 level.

2-hour MACD

The MACD is extending its move 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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