Can Ether Price Make a Sustained Move Higher?
|Ether price after declining towards $11.60 against the US Dollar found bids and started recovering.|
|There was a minor consolidation for some time before the ETH bulls stepped in.|
|A short-term consolidating pattern on the hourly chart of the ETH/USD pair was broken to open the doors for a recovery.|
On a follow through buying interest above $12.00, the ETH/USD pair is likely to make a fresh attempt to reclaim $12.60, which if conquered should lift the pair towards $13.00.
Ether Price Recovery
Ether buyers were successful in defending the $11.60-40 support versus the US Dollar, lifting the market sentiment for a short-term rally. The ETH/USD pair spiked higher and attempted to reclaim $12.00 handle where it found sellers.
During the recent spike, the pair managed to clear a short-term consolidating pattern, as highlighted on the hourly chart. The last three candles are suggesting bullish sentiment, which can send the pair further higher. If there is an increase in buying interest, the pair could easily drift towards the $12.60 resistance.
The stated resistance level holds a lot of value as we have witnessed earlier this week. It was the main reason of the recent decline in Ether price. If the pair retests it, then it would be interesting to see how sellers react and whether they would be able to defend it or not.
The 4-hours chart of the ETH/USD pair clearly highlights its significance. However, the recent 4-hour candle is shaping up nicely and may push the pair higher in the short term.
In my view, the recent moves suggest a decent recovery in ETH/USD, but as long as the price is below $12.60 I would not prefer to bet on any major gains.