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Ether Price Analysis
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Ether Price Breaking Higher, More Gains Ahead





Ether buyers finally succeeded in breaking the $11.20 resistance versus the USD, and currently it looks set for more gains.

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.

Aayush Jindal

Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis. He strives to provide entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession and loves blogging.

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