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.
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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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