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Ether Price Analysis
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Ether Price Surges Higher On Loss Of Downside Momentum





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. 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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