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ETH/USD: Charts Signal Positive Momentum

By

Aayush

Jindal

Guest AnalystETHNews.com

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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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.