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Ether Price Surges Higher, More Gains Likely

By

Aayush

Jindal

Guest AnalystETHNews.com

The ETH/USD pair registered good gains intraday, and the recent price action suggests that the buyers are back in action.

Key Highlights

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.

Ether Price Analysis Chart Ethereum

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.

Ether Price Eth to USD chart H4

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.

Important Resistance Levels

$11.60 and $11.80

Important Support Levels

$11.20 and $11.00

Hourly RSI

The RSI technical indicator is also above the 50 level, which is a positive sign.

Hourly MACD

The MACD has moved into the bullish zone, calling for more gains.

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.