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Ether Price Analysis
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ETH/USD: Charts Signal Positive Momentum





Ether price is currently trading with a positive momentum versus the USD, and a break above $11.25 may call for further upsides.

Key Highlights

Ether price held the ground against the US Dollar, and may be preparing for a ride higher.
There is a bullish trend line formed on the 30-min chart of ETH/USD, which may push the pair higher.
The 2-hours chart is forming a breakout pattern with an important resistance at $11.25.

Technically, the indicators on the 30-min chart are signaling bullish continuation.

Ether Price to Gain Momentum?

There was no major move in Ether price during the past few hours against the US Dollar. The ETH/USD pair was mostly stable, and remained above an important support area of $10.80. On the other hand, the ETH/BTC pair traded a fraction higher, as there was a decline in Bitcoin price recently.

Ether Price Analysis Chart

When we look at the 30-min chart of ETH/USD, there are a few positive signs. First, the pair looks like it is in a bullish trend with a slow and steady pace. Second, there is a support trend line, acting as a buy zone on the downside.

Third, there was a break above a bearish trend line (red) on the same chart, signaling further gains in the short term. Currently, the pair is attempting to clear the $11.00 resistance area. A successful close above the stated level may push the price towards the next resistance at $11.25.

Ethereum ETHUSD Forecast Chart

I mentioned yesterday as well that the $11.25 level is a major hurdle for a sustained upside move in Ether price. We can also see it’s importance on the 2-hours chart of ETH/USD. There is a breakout pattern formed on the chart with resistance at the same level.

On the downside, the $10.80 holds the key. In my view, we may witness ranging moves for a few more sessions before there is a break. There are a few important releases in the US today, like the nonfarm payrolls, which may impact the dollar and ETH/USD.

Important Resistance Levels

$11.00 and $11.25

Important Support Levels

$10.80 and $10.50

2-hours RSI

The RSI technical indicator is just above the 50 level, waiting for an increase in the momentum.

2-hours MACD

The MACD is about to change the slope from bearish to bullish.

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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