Key Highlights
Ether price managed to gain traction during the past couple of sessions against the US Dollar.
The ETH/USD pair broke a monster resistance area of $11.20, and registered a new daily high.
If the recent break is true, there are chances of more upsides in ETH in the short term.

Technically, there is a shift in the market sentiment, and indicators remain entrenched into the positive territory.

ETH/USD Turned Bullish?

Yesterday, I highlighted how Ether price is struggling to trade above the $11.20 resistance against the US Dollar. The ETH/USD pair was mostly seen trading in a range until there was an increase in buyers’ sentiment, which ignited an upside move.

The pair moved higher and during the ride broke the $11.20 resistance. No doubt, the recent break was crucial, and if the Ether bulls succeed in a daily close above the stated level, there is a possibility of further gains in the short term.

Ethereum ETH Ether Price Analysis Chart

If the price corrects lower from the current levels, then the 23.6% Fib retracement level of the last wave from the $10.20 low to the recent high may act as a support area. However, the most important support zone could be at $11.20. It was a resistance earlier, and now might act as a barrier for sellers.

If we look at the 4-hours chart of the ETH/USD pair, there is an intermediate resistance at $11.60-80 since the 100 simple moving average is aligned as a hurdle. So, there is a chance of a minor dip before the price can regain strength for another ride.

In my view, the recent moves in ETH/USD are convincing and pointing towards more strength. On the downside, the $11.20 may now play a critical role going forward.

Important Resistance Levels

$11.60 and $11.80

Important Support Levels

$11.20 and $11.00

Hourly RSI

The RSI technical indicator is around the overbought levels, calling for a minor correction.

Hourly MACD

The MACD is currently bullish, and showing a lot of positive signs.
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Ether Technical Analysis

Today ETH/USD Forecast: Ethereum Price Sticks To Bullish Bias
08-10-2016 Ether Buyers Emerge Winners, $13.00 On The Cards?
08-09-2016 Ether Price Breaking Higher, More Gains Ahead
08-08-2016 Ether Buyers Facing Continuous Offers Near $11.00-11.20

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