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ETH/USD Buyers Take The Lead

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether price recovered well after yesterday's losses against the US Dollar, and now ETH/USD is attempting to surpass an important resistance.

Key Highlights

Ether price after a solid decline towards the $10.60 level found support against the US Dollar.
The ETH/USD recovered sharply as buyers were able to take the lead.
The pair is now back testing the $11.20-11.30 resistance area.

Technically, the hourly chart indicators moved back in the bullish territory and signalling gains.

Ether Price Recovery a Positive Sign

Yesterday, we saw how there was a sharp decline in Ether price against the US Dollar after China’s bitcoin exchanges, Huobi and OKCoin decided to pause bitcoin and litecoin withdrawals.

Ether Price Analysis Chart

However, the downside was well prevented near a major support area at $10.60. The stated level was highlighted as a crucial barrier for more downsides yesterday.

It did act as a solid support, and as a result, the ETH/USD pair recovered well. The hourly chart clearly highlights how the pair was rejected. The pair formed a base near $10.60-10.70, and moved higher.

The upside move was such that the $11.00 hurdle was broken easily. However, the $11.25-11.30 area is playing its part well.

It was a support earlier before the price broke down, and now acting as a resistance and preventing further gains.

The best part is the fact that the price is now back above the 50% Fibonacci retracement level of the last decline from the $11.61 high to $10.62 low. It is a positive sign, and could lead to more upsides in the near term.

Ethereum ETH/USD Forecast

However, if Ether price has to extend gains, it has to clear the $11.25-11.30 resistance. Once it does, it might open the doors for a move towards $11.60, which is next resistance and a weekly pivot for ETH/USD.

On the downside, the $11.00 level may now act as a support and can be considered as a buying area in the short term.

Important Resistance Levels

$11.30 and $11.60

Important Support Levels

$11.00 and $10.75

Hourly RSI

The RSI technical indicator recovered sharply from the oversold levels, and now back above the 50 level.

Hourly MACD

The MACD is back in the bullish zone, and looking to extend the 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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