ETH/USD at Potentially Significant Break
|Ether price traded mostly in a range against the US Dollar during the past 24 hours.|
|It looks like the ETH/USD pair is preparing for the next move, and approaching a break.|
|On the upside, a daily close above the $11.25 resistance is needed for a possible rally.|
Technically, the hourly chart suggests that the indicators are recovering and moving into the bullish zone.
Can Ether Price Gain Traction?
Ether price was mostly seen trading in a range against the US Dollar during the past 24 hours. However, the ETH/BTC remained under a bearish pressure due to continuing Bitcoin buying interest, which disabled the Ether to gain traction.
The ETH/USD pair on the other hand is showing positive signs. Yes, it was seen trading in range, but managed to stay above the $10.80 support area. There was no 4-hour close below the stated level, and there were a few attempts to move higher.
We can say that the pair is trading in a range of $10.80-$11.00. On the downside, the $10.80 is a major support area. On the upside, an initial range resistance is at $11.00, but the most important hurdle is at $11.25 (as highlighted in yesterday’s post as well).
The pair may continue to trade in a range, but it looks like it is forming a breakout pattern. There is a triangle pattern, which is contracting and may soon pave the way for the next move. The chances of an upside more are more since the technical indicators are turning north on the hourly chart, and not showing any major bearish sign.
However, we cannot discard a downside move as well. If Ether price fails time and again to break the $11.25 resistance, it could result in a downside reaction.