ETH/USD: Charts Signal Positive Momentum
|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.
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.
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.