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Ether Price Continues To Probe $11.25

By

Aayush

Jindal

Guest AnalystETHNews.com

ETH/USD is showing positive signs, and if the market sentiment for the Ether improves, the price may trade further higher.

Key Highlights

Ether price recovered after trading towards the $10.50 support area against the US Dollar.
On the upside, the ETH/USD pair was seen struggling to break the $11.25 resistance.
On the downside, there is a bullish trend line, acting as a support followed by $10.50.

Technically, the 2-hours chart suggests that the pair is forming a breakout pattern.

ETH/USD Failure near an Important Resistance

There was a decline in Ether price yesterday against the US Dollar, but the $10.50 support area prevented the downside move successfully. On the other hand, the ETH/BTC pair was seen struggling and remained under a bearish pressure.

Ether Price Analysis Chart

When we look at the 30-min chart of ETH/USD, there are a few important points to note. First, the pair failed on many occasions to break the $11.25 level, which means it is a crucial resistance. Second, there is a bullish trend line formed, which is currently acting as a support area.

Lastly, the technical indicators are turning positive, which is a good sign and may lift the market sentiment in the short term. If there is a successful break above the $11.25 resistance, then the chances of further upsides may increase.

Ethereum ETHUSD Forecast chart

An initial support on the downside is around the trend line, and the 50% Fibonacci retracement level of the wave from the $10.36 low to $11.25 high. However, the most important support is near $10.50, and there is one more reason why it’s crucial.

When we look at the 2-hours chart of ETH/USD, there is a breakout pattern in the form of a triangle. Its support is at $10.50. So, the stated level holds a lot of value in the short term. Similarly, on the upside, the $11.25 is significant as resistance. A break on either side could open the doors for the next move.

Important Resistance Levels

$11.25 and $11.40

Important Support Levels

$10.50 and $10.30

2-hours RSI

The RSI technical indicator is currently above the 50 level, and eyeing a break.

2-hours MACD

The MACD is currently in the bullish slope, but with almost no increase in momentum.

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.