Key Highlights
Ether price surged higher against the US Dollar and broke an important resistance area of $10.80.
The ETH/USD pair cleared a consolidation pattern formed in the last 24-hours chart to open the doors for an upside move.
The price traded above the $11.00 resistance and currently attempting to regain the all-important $11.20 barrier.

Ether price held steady yesterday and managed to recover some ground. The upside move was convincing, and looks set to extend further.

ETH/USD Upside Remains Corrective?

The ETH/USD pair was in a downtrend yesterday, but after trading near $10.40 it found bids and started to gain traction. There was an upside move with a push above a crucial resistance area of $10.80.

Ether Price Analysis Chart

The key point is that the pair broke a consolidation pattern on the last 24-hours chart to clear the way for further gains. However, the upside move was stalled around yet another critical resistance area of $11.20. It represents the previous swing area, and may act as a major barrier for the bulls.

So, there is a chance of a minor downside reaction in the short term, which could find support near a bullish trend line formed on the last 24 hours chart. Only a break below the highlighted support trend line may extend the corrective rally in ETH/USD.

Ether Price Analysis Chart 7D

If we have a look at the last 7-days chart of the ETH/USD pair, then there is another significant break visible. There was a bearish trend line cleared during the upside drift.

However, it can also be noticed from the chart that the price is struggling near the $11.20 resistance area. In my view, the recent bullish swing was convincing, and there is a chance of an uptrend resumption after a minor correction in ETH/USD.

Important Resistance Levels

$11.20 and $11.40

Important Support Levels

$10.80 and $10.60

Hourly RSI

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

Hourly MACD

The MACD after staying in the bullish zone started to bend down, suggesting a correction is very likely.
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Ether Technical Analysis

Today ETH/USD Forecast: Consolidating Above $200
07-15-2016 Ether Price Signaling Bullish Continuation
07-14-2016 Ether Price Attempts To Regain $11.20 Versus USD
07-13-2016 Key Risks Warn Against Chasing ETH/USD Higher

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