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Ether Price Analysis
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ETH/USD: Bullish Sequence Favors More Upside





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. He strives to provide entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession and loves blogging.

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