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.
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.
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.