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Ether Price Hits $11.20 Target; Resistance Now Support

By

Aayush

Jindal

Guest AnalystETHNews.com

The ETH/USD pair spiked higher against the US dollar and broke a couple of important resistance levels. Can it sustain the current rally?

Key Highlights

Ether price finally moved higher against the US dollar, and yesterday’s highlighted target of $11.20 was achieved.
Yesterday’s inverse head and shoulders pattern on the 24-hours of ETH/USD played well and ignited an upside move.
The pair is currently correcting lower, and trading near $10.60-40, which was a resistance earlier and now may act as a support.

Ether price was looking for a direction during the day yesterday and later it gained bullish traction for a move higher against both US dollar and BTC.

Ether Price Rebound

The ETH/USD pair after a continuous struggle managed to find strong buying interest near $9.60-80, and traded higher. In yesterday’s analysis, I highlighted an important inverse head and shoulders pattern on the last 24-hours chart of ETH/USD, and was hoping a break higher.

Ether Price Analysis Chart

The price did move higher and broke the pattern neckline resistance of $10.20 to trade above $11.20. ETH/USD traded as high as $11.40, and started correcting lower.

Currently, the price is testing a crucial support area, as there is a bullish trend line (yellow) formed on the 24 hours chart, acting as a barrier for sellers. Moreover, the previous resistance area of $10.60-40 is now acting as a support for Ether price.

Ether Price Analysis Chart 7D

Looking at the last 7 days chart of ETH/USD, there was another major break. This week I continuously highlighted a bearish trend line, and mentioned its significance. Yesterday, the ETH bulls finally managed to break the trend line resistance, which is a positive sign in the near term.

The same trend line is currently acting as a support, and as long as the price is above $10.20, there is a chance that ETH/USD may resume its upside move after completing a correction wave.

Important Resistance Levels

$11.20 and $11.40

Important Support Levels

$10.60 and $10.20

Hourly RSI

The RSI is also above the 50 level, which is another bullish sign.

Hourly MACD

The MACD is back into the bullish zone, calling for more upsides in ETH/USD.

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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