ETH/USD Upside Continuation Is Possible
|Ether price bounced yesterday against the US Dollar, as the trend line support (highlighted yesterday) played well.|
|The ETH/USD pair broke a contracting triangle pattern on the hourly chart to open the doors for more upsides.|
|It looks like Ether sellers are losing the grip, which could produce more upsides in time.|
Technically, according to the 4 hours chart, the risk is towards the upside due to back to back bullish candles.
Ether Price Rise
Yesterday, I stated that Ether price likely completed a correction versus the US Dollar and may rise in the short term. The ETH/USD pair did manage to gain strength and found support on the downside for an upside move.
Yesterday’s highlighted major support trend line on the hourly chart of ETH/USD acted as a perfect buy zone and pushed the pair higher. The upside move was strong, as during the drift the Ether bulls also managed to break a contracting triangle pattern on the same chart.
Furthermore, there was a close above the $11.80 resistance, as the price traded to a high of $12.16. It is currently facing minor offers, which presents a risk of a minor correction. In that case, the 38.2% Fib retracement level of the last wave from the $11.49 low to $12.16 high may act as a support at $11.80.
Ether rose strongly to a high of $12.16 to create a new weekly high. This suggests that the price is clearly in an uptrend. According to the 4 hours chart, the ETH/USD pair is at a risk of more gains since the last two candles are pretty bullish. It is a signal that even if there is a minor correction, the bulls remain in control.
On the upside, the next level of interest could be at $12.40. It is a major hurdle and sellers may attempt to prevent further upsides.