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.
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Ether Technical Analysis

Today Ethereum Price Needs To Retake $300
11-03-2016 ETH/USD at Potentially Significant Break
11-02-2016 Ether Price Continues To Probe $11.25
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