Technically, the 30 min chart continues to favor the upside, given that the pair seems unable to break the $11.00 support.
ETH/USD Upside Move
Ether price remained in a range as highlighted yesterday, but with a slight bullish tone against the US Dollar. There were a few minor swing moves towards the upside, as the price settled above the $11.20 level.
The current market sentiment is positive, as the price is elevated and trading near the $11.30-40 levels. The stated levels represent the range resistance. On the 30 min chart of the ETH/USD pair, there is a bullish trend line formed.
The highlighted trend line (yellow) is acting as a support and helping buyers to stay in action. However, on the upside, the range resistance area of $11.40-50 is acting as a hurdle for more gains. The ETH bulls need to clear the highlighted resistance (blue line) in order to push the price towards $12.00.
A successful close above the resistance is needed for an increase in the bullish bias. On the downside, a break below the support trend line may diminish hopes for further upsides in the near term. When we have a look at the 2 hour chart of ETH/USD, the same range resistance is clearly visible and still intact.
The price is currently right at it. So, we can say it’s time to break it or back out. Let us see whether we can have a break above $11.40-50 during the upcoming sessions.