Key Highlights
Ether price struggled against the US Dollar intraday, but the $10.80 level continued to act as a barrier.
There are a couple of breakout patterns forming on both the last 24 hours and 7 days chart of the ETH/USD pair, which may ignite the next move.
The pair is at a major crossroad, as there is a monster support at $10.80, and on the upside the bears are fighting hard. One must give up for the next move.

Ether price needs to gain momentum for a move higher, else in time the sellers may be able to break the all-important $10.80 level.

ETH/USD Approaching Break?

Yesterday, Ether price bounced after a test of the $10.80 level, but it found sellers near $11.60 against the US Dollar, which I stated as a resistance in yesterday’s post. It looks like the ETH/USD pair is repeating the same pattern today.

Ether Price Analysis Chart

The pair traded near the $11.00-$10.80 support area, and after grabbing bids recovered. However, the upside is very limited, as there is a bearish trend line formed on the last 24 hours chart (yellow), acting as a resistance.

On the downside, there is a bullish trend line forming on the same chart, providing support to the ETH bulls. So, we can say that there is a breakout forming.

Ether Price Analysis Chart 7D

Moreover, if we have a look at the last 7 days chart of the ETH/USD pair, there is another breakout pattern forming (contracting triangle). In short, the pair is approaching a break, and this the reason why I think the price is at major crossroads.

In my view, the chances of an upside move are more compared with a breakdown, but when the price stays above $10.80 support level.

Important Resistance Levels

$11.50 and $11.60

Important Support Levels

$11.00 and $10.80

Hourly RSI

The RSI indicator is below the 50 level, which is not a good sign in the short term.

Hourly MACD

The MACD is in the bearish zone, but may soon move into the bullish slope.
Disclaimer:
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.

Ether Technical Analysis

Today ETH/USD Forecast: Consolidating Above $200
07-20-2016 Ether Price Testing Bulls Determination
07-19-2016 Ether Price At Major Crossroads Versus US Dollar
07-18-2016 Ether Price Bounces After Downside Thrust
   

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