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Ether Price Analysis
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Scope For A Test of $11.40 In ETH/USD





Ether price spiked below $10.80 but recovered. The charts are currently showing positive signs with a scope for a move towards $11.40.

Key Highlights

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.

Ethereum Ether Price Technical Analysis

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.

Ether Price ETH Trend Analysis

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.

Important Resistance Levels

$11.00 and $11.40

Important Support Levels

$10.80 and $10.60

Hourly RSI

The RSI technical indicator has moved above the 50 level, which is a positive sign.

Hourly MACD

The MACD looks like about to change the slope from bearish to bullish.

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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