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Ether Price Bounces After Downside Thrust

By

Aayush

Jindal

Guest AnalystETHNews.com

The ETH/USD pair traded higher once again after completing a short-term correction. Can it gain more bids for further upsides?

Key Highlights

Ether price extended its correction against the US Dollar as forecasted yesterday, and tested the $11.00 support area.
The ETH/USD pair bounced sharply after testing the stated level, as highlighted in the weekly analysis.
It looks like the price is currently setting up for more gains if the ETH bulls remain in control.

Ether price bullish outlook is still alive as long as it is above $11.00-$10.80, and currently signaling further appreciation versus the US Dollar.

ETH/USD Remains Buy?

In the weekly analysis yesterday, I highlighted a couple of important things. First, a 5-wave structure inside a triangle pattern on the 7-days chart. Second, I pointed out the significance of the $11.00-$10.80 support area.

Ether Price Analysis Chart

The price did move down to complete the 5-wave structure, testing the stated support area and finally gained bids for a move higher. The price is currently trading higher and during the upside move it broke a bearish trend line formed on the last 24-hours chart.

The ETH/USD pair outlook is currently positive, as there is also a bullish trend line formed on the same chart, which is acting as a support area.

Ether Price Analysis Chart 7D

If we look at the last 7 days chart of the ETH/USD pair, then there was a crucial break. The ETH bulls were successful in breaking a monster descending channel pattern, which is a clear signal of further gains in the near term.

An immediate resistance is at $11.60, and a break above it could be a sign for possible new wave up towards the all-important $12.00 level. On the downside, an initial support lies at $11.20. However, the most vital support is at $11.00-$10.80, which must hold if the uptrend has to remain intact.

Important Resistance Levels

$11.60 and $12.00

Important Support Levels

$11.20 and $11.00

Hourly RSI

The RSI indicator is just above the 50 level, as the ETH bulls look to gain momentum.

Hourly MACD

The MACD has moved 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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