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Is This ETH/USD Recovery Real?

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether price found strong buying interest near $10.00 against the US Dollar and bounced. The ETH/USD pair is currently recovering, but can it last long?

Key Highlights

Ether price managed to spike higher against the US Dollar, as the $10.00 support proved its worth.
The ETH/USD broke a resistance trend line on the hourly chart to open the doors for a recovery.
The pair is currently facing resistance near $11.40-50, which may stop the current recovery.

Technically, the 4-hours chart suggest that the indicators started turning north, which is a positive sign.

Ether Price Facing Crucial Resistance

Yesterday, Ether price started a recovery against both majors (US Dollar and Bitcoin). The ETH/USD pair spiked above $11.00, and the ETH/BTC pair managed to close above 0.0150BTC. The most significant point about the recent recovery was the fact that ETH/USD held the all-important $10.00 support.

Ether Price Analysis Chart

The pair started a corrective rally, and cleared a couple of important hurdles on the way up. First, a bearish trend line on the hourly chart was broken. Second, the 50% Fibonacci retracement level of the last drop from the $11.58 high to $9.67 low was cleared.

Both these opened the doors for further upsides. As a result, there was an hourly close above the $11.00 handle. The ETH/USD pair is currently consolidating gains and may correct a few points lower. In that case, it might find buyers near a support trend line formed on the hourly chart.

Ethereum ETHUSD Forecast Chart

When we look at a higher time frame chart to analyze the strength of the current recovery, then the 4-hours chart suggest that Ether price is gaining momentum. The last few candles were bullish, and shows that buyers succeeded in taking the price higher.

However, there is another critical point to consider. There is a major resistance zone at $11.40-50, as highlighted in the chart. It was a support earlier, and at the moment preventing gains. A clear break above the highlighted resistance might confirm a short-term reversal in ETH/USD.

Important Resistance Levels

$11.40 and $11.50

Important Support Levels

$11.00 and $10.80

Hourly RSI

The RSI technical indicator has recovered well, and now above the 50 level.

Hourly MACD

The MACD is strongly placed in the bullish zone, and 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. 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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