ETH/USD regained the $11.00 handle and the current market sentiment is favoring more upsides going forward.

Ether Price Breakout

Ether price remained elevated against the US dollar during the past 72 hours. As highlighted in the weekly analysis, the ETH/USD pair broke a couple of important resistance levels, which points towards bullish bias.

Ethereum Ether Price Technical Analysis Chart

The hourly chart of the ETH/USD pair highlights two important things. First, there is a crucial support trend line acting as a buy zone. Second, there is a major resistance forming near $11.20-30. I mentioned in my previous posts as well that the stated level holds a lot of value.

The Ether buyers need to break the highlighted resistance zone in order to push the price further higher. Looking at the hourly chart, we will soon witness a break. It can be on the downside or upside. The chances of an upside break are more considering the current market sentiment.

ETH to USD Price Trend Chart

There is another reason why the chances of an upside break are more. If we have a look at the 4-hours chart, then there is a critical trend line break plus the last few candles are pretty bullish.

In my view, it’s only a matter of time before the ETH/USD pair moves above the highlighted resistance area and registers a new weekly high. Just in case if sellers manage to break the hourly support trend line, then a retest of $10.80 is possible.

Important Resistance Levels
$11.30 and $11.60
Important Support Levels
$11.00 and $10.80
Hourly RSI
The RSI technical indicator is holding well and currently above the 50 level.
Hourly MACD
The MACD is in the bullish zone, and signaling more upsides.
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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.

Ether Technical Analysis

Today ETH/USD Buyers Are Back In Town
08-23-2016 Ether Remains Well offered Near $11.20 Level
08-22-2016 Ether Price Will Keep Rising In The Week Ahead?
08-21-2016 ETH/USD Weekly Forecast – More Gains Expected
   

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