Ether buyers got the much needed momentum, and if the recent break is not false there are chances of more upsides going forward.
ETH/USD Upside Break
Ether price after ranging for a brief period around the $11.00-20 support levels gained momentum and traded higher against the US Dollar.
Yesterday, I highlighted a couple of breakout patterns, one on the last 24 hours chart and another on the last 7 days chart. Overall, the view was of a move higher, and the price did gained intraday by around 5%.
The ETH/USD pair is currently forming a descending channel on the last 24-hours chart, which can be a bullish flag pattern. So, there is a possibility that the price may trade inside the highlighted pattern for some time before making the next move.
The last 7 days chart of the ETH/USD pair clearly highlights a crucial triangle break. Currently, the price is struggling near a bearish trend line (orange), which is acting as a short-term resistance.
So, the pair can trade a few points lower in a range, but might find buyers around the $11.20 level. The stated level was a resistance earlier and may act as a support moving ahead.
In my view, the recent break was crucial and shows that the bulls won’t give up easily. We just need to keep a close watch on the $12.00 resistance area for the next leg higher.