Ether Price At Major Crossroads Versus US Dollar
|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.
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.
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.