Scope For A Test of $11.40 In ETH/USD
|Ether price traded a touch under $10.80 against the US dollar, and then managed to recover.|
|Currently, the ETH/USD pair is trading near $11.00 resistance.|
|A break above it may trigger a move towards the next resistance of $11.40.|
The current movement is viewed as a rebound. If there is a sustained move above $11.00, there can be a trend change.
Ether Price Bullish?
Ether sellers finally managed to break the $11.00 support yesterday against the US Dollar, but $10.80 came for rescue. The price traded a few basis points below the stated level and found bids. The ETH/USD already started a rebound and charts are signaling further gains in the near term.
Currently, the pair is trading near $11.00, which was a support earlier and currently acting as resistance. Moreover, there is a bearish trend line formed on the hourly chart, which is coinciding at $11.00.
The last few candles are positive on the hourly chart, which is a signal of more gains in the near term. So, there is a chance of ETH/USD breaking $11.00. In that situation, there is a scope for a test of $11.40, which is the next hurdle on the upside.
On the downside, the $10.80 support may play a major role. A break and close below it would negate the possibilities of a rebound. If we look at the 4-hours chart of ETH/USD, there is a descending channel pattern formed.
The Ether bulls at the moment attempting to break the highlighted channel resistance. If they succeed, it would be a major signal of a reversal in the near term. The last 2 candles on the 4-hours chart are pretty bullish, and signaling bullish signs. In my view, if there is a break, then it may change the trend to bullish.