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Big Day For Ether Buyers; ETH/USD Breaks Higher

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether price recovered sharply and broke a few key resistances. It looks like a big day for buyers who bought during the recent decline in ETH/USD.

Key Highlights

Ether price after yesterday’s collapse recovered sharply against the US Dollar and closed above a major resistance.
Yesterday’s highlighted crucial barrier for the bulls at $10.00 was broken, signaling further gains in ETH/USD.
The next hurdle on the upside for ETH/USD is around $11.00.

Technically, there was a shift in the market sentiment as well as indicators are now heading north.

Ether Price Bullish?

During the past few sessions, we saw swing moves in Ether price versus the US dollar. There was a sharp decline below $8.00 after the BTC hack news, and then it bounced back to trade above $10.00.

Ether Price Analysis Chart

Yesterday, I highlighted the importance of $10.00 as resistance. The ETH bulls struggled slightly around the stated level, but later they managed to break it. They also cleared a bearish trend line formed on the hourly chart of ETH/USD.

The price is now trading above the $10.00 resistance and if it corrects lower, the same level can provide support. The past few hourly candles in ETH/USD suggest that the bulls are exhausted, which may result in a correction. However, there are many bullish signs on charts, signaling that there is a change in trend and the pair may trade further higher.

Ether Price Analysis H4 Chart

Looking at the 4-hours chart of the ETH/USD pair, there is another clear break visible in the form of a trend line. Moreover, it looks like yesterday’s highlighted bullish candle was successful in pushing the price higher.

In my view, Ether price may continue to trade higher and every correction in the near term may find buyers on the downside. The broken resistance of $10.00 may now act as support going forward. On the upside, the $11.00 level might come into play to rescue sellers if the price continues to rise.

Important Resistance Levels

$10.80 and $11.00

Important Support Levels

$10.00 and $9.80

Hourly RSI

The RSI technical indicator is well above the 50 level, suggesting more gains ahead.

Hourly MACD

The MACD has moved into the bullish zone, which is a good sign for the bulls.

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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