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Ether Price Analysis
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Ether Price Rockets Higher; More Gains To Follow





Ether price broke all important hurdles and overcame selling pressure versus the US Dollar as ETH/USD registered a new weekly high.

Key Highlights

Ether price managed to break yesterday’s highlighted resistance area and moved higher versus the US Dollar.
The ETH/USD pair surpassed a monster range resistance area of $11.50 and traded above $12.00.
The current market sentiment is now pretty bullish and pointing more gains in the near term.

Technically, the 4-hours chart indicators are pointing north and signaling strength in ETH.

ETH/USD Upside Surge

Ether price after trading in a range for some time against the US Dollar finally broke all shackles and traded higher. I kept saying in my previous analysis that it’s only a matter of time before the Ether may gain pace for further gains. Finally, it did trade higher.

Ethereum Ether Price Analysis Chart

The ETH/USD pair traded positively and broke a couple of key resistance levels like $11.40 and $11.50. The ETH bulls made a lot of attempts to break the stated range resistance earlier, but failed. However, they did manage to finally get the price above it in a convincing way.

The pair is currently trading near the last swing high of $12.80, which is acting as a hurdle for more gains. There is a minor correction underway, which is finding support near a bullish trend line on the hourly chart. It holds the key for further upsides in ETH/USD.

Ether Price ETH to USD Technical Analysis

A break below it may call for an extension of the current correction phase. In that situation, a test of the 50% Fib retracement level of the last wave from the $10.60 low to $12.80 is possible.

When we have a look at the 4-hours chart of ETH/USD, then it is quite clear that the recent break above $11.50 was crucial. The same level may now act as a support if the price corrects from the current levels. I think buying dips in ETH may be considered as long as the price is trading positively and above $11.80.

Important Resistance Levels

$12.80 and $13.00

Important Support Levels

$12.10 and $11.80

Hourly RSI

The RSI technical indicator is around the overbought levels, which may ignite a minor correction.

Hourly MACD

The MACD is strongly bullish, suggesting 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. He strives to provide entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession and loves blogging.

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