Ether Price Surges Higher, More Gains Likely
|Ether price managed to pop higher against the US Dollar during the past 24 hours.|
|A major resistance area of $11.20 was broken during the upside move.|
|If the Ether bulls remain in control, then there are chances of more gains in the short term.|
Technically, the indicators mostly moved north suggesting an upside move.
Ether Price Rise
I mentioned there is a consolidation pattern for Ether price versus the US Dollar, and sooner or later it will break. I was hoping for an upside break, and guess what? There was a move higher. The ETH/USD pair gained during the past 24 hours and broke a major resistance area.
The $11.20 resistance was cleared during the upside move, and looking at the hourly chart it looks like we may soon get a close above the stated level. There was a major barrier around the stated level and if we get an hourly close, then it could trigger more upsides.
It is important to note that there is a major support trend line formed on the hourly chart of ETH/USD, which may act as a buy zone if the price corrects lower from the current levels.
The 4-hours chart needs to be more convincing. There is a monster bearish trend line on the chart, and currently buyers are attempting to break it. Only a convincing close above it could convince buyers to a further push.
On the upside, the next target can be around the $11.80 level, followed by $12.00. On the downside, the broken resistance of $11.20 may now act as a support area. In my view, we can continue to monitor the 4-hours chart for a break and a move higher.