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Ether Price Surges Higher On Loss Of Downside Momentum

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether sellers finally gave up versus the US dollar, and as a result, the ETH/USD pair registered a major break on the 4-hours chart.

Key Highlights

Ether finally managed to gain bids and traded higher versus the US Dollar during the past few hours.
There was a move above the $11.00 resistance, which was a major hurdle for buyers.
There is a crucial break noted for ETH/USD on charts like 1-hour, 3-mins and 4-hours.

Technically, almost all indicators are now heading north, which is a bullish sign in the near term.

Change in Trend for ETH/USD?

Yesterday, I mentioned that that nothing goes up or down in a straight line, and Ether will sooner or later find support for a recovery. It did find support recently versus the US Dollar, and moved higher. Almost all lower timeframe charts are signaling a change in trend.

Ethereum Ether Price Technical Analysis

Let us start with the 30-min chart of ETH/USD. There was a bearish trend line formed as highlighted in yesterday’s analysis. The ETH bulls managed to break it, and took the price higher. The last 3-4 candles on the chart looks pretty bullish, and signaling more gains in the near term.

The same broken trend line may now act as a support zone for ETH. Moreover, the pair is now above the $10.80 level, which can also act as a buying are for the bulls.

Ether Price ETH Trend Chart

No doubt, there are many positive signs emerging on the charts. Like, the 4-hours chart as well is pointing a break. There was a monster bearish trend line connecting the $12.82 high, which was cleared during the recent upside move.

However, we need to wait for the current 4-hour candle close. It should be above the trend line to signal a change in bias from bearish to bullish. Going forward, it may depend on buyers’ sentiment. If the bulls fail to gain momentum, then the recent break might turn into a false move.

Important Resistance Levels

$11.40 and $11.60

Important Support Levels

$10.80 and $10.60

30-min RSI

The RSI technical indicator is around the overbought levels, which may ignite a minor downside correction.

30-min MACD

The MACD is strongly bullish and signaling further gains in ETH/USD.

Aayush Jindal

Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession, loves blogging and observing financial markets

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The content on ETHNews.com is provided for informational purposes only and it is not intended to be, and does not, constitute financial advice or any other advice. You should not rely on any ETHNews.com content to make an investment decision. ETHNews.com is not responsible for any investment decision made by you. You are responsible for your own investment research and investment decisions.