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Ether Price Key Reversal Could Trigger Next Rally

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether price continuously found bids near $11.00 and moved higher. Can the recent move ignite more upsides in ETH/USD?

Key Highlights

Ethereum price slowly and steadily moved higher, and broke a short-term resistance area on the hourly chart.
A bearish trend line break was noted on the last 24-hours chart of ETH/USD, which can ignite an upside move.
On the upside, the $12.50-80 resistance levels may play a major role for more gains in ETH.

Following a strong downside move, Ether price looks like started a consolidation pattern that may eventually spur the next move.

Ether Price Forecast

Tuesday trading in Ether brought a few positive for buyers, as the price was seen catching bids against the US Dollar. ETH/USD found support two times near $11.00 on the last 24-hours chart, and then finally moved higher.

Ethereum Price Analysis Chart

During the upside move, the price broke a critical short-term bearish trend line, as can be seen in the chart attached. The highlighted trend line acted as a perfect resistance. So, a break above it means there is a possibility of more gains in ETH in the short term.

However, the ETH bulls must not get too excited, as the price is still below a couple of important resistance levels. If we look at a higher time frame chart like the 7-days chart, then ETH/USD is likely forming a consolidating pattern with an initial resistance around the $12.80 level, followed by $14.80 (highlighted with red lines in the chart).

Ethereum Price Analysis Chart 7D

On the downside, the range support is forming near $11.00, which may play a crucial role for a recovery in ETH/USD. As long as the price is above it, there is a chance of a larger recovery.

Only a break below the range support area might negate the recovery chances in the near term.

Important Resistance Level

$12.80

Important Support Level

$11.00

Hourly RSI

The RSI is just above the 50 level, which is a positive sign for the bulls.

Hourly MACD

The MACD is not pointing any major move and suggesting a range pattern.

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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The content on ETHNews.com is provided for informational purposes only and it is not intended to be, and does not, constitute financial advice or any other advice. You should not rely on any ETHNews.com content to make an investment decision. ETHNews.com is not responsible for any investment decision made by you. You are responsible for your own investment research and investment decisions.