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Ether Price Testing Traders Patience

By

Aayush

Jindal

Guest AnalystETHNews.com

ETH/USD traded a touch higher during the past 12 hours, but failed to break the $11.25 resistance and annoyed traders looking for an upside move.

Key Highlights

Ether price mostly traded in a range against the US Dollar and Bitcoin, as there was no real upside move.
The $11.25 resistance area is still intact for ETH/USD, and acted as a rejection zone yesterday once again.
Both the hourly and 4-hours chart are signaling a break going forward.

Technically, the indicators remained in the positive territory, pointing towards a possible bullish break.

Can ETH/USD Clear $11.25?

Ether price stalled around a critical resistance juncture at $11.25 against the US dollar, as in the hourly chart, both the 21 and 100 SMAs stand right above the current level. There was another attempt yesterday to clear the stated resistance, but the price failed to gain momentum.

Ether Price Analysis Chart

Looking at the hourly chart, the resistance area is clearly visible, but at the same time we can see a bullish trend line. The trend line is acting as a support area, and also has the 23.6% Fibonacci retracement of the latest hourly decline between $11.25 and $10.40.

Hourly basis, the technical outlook for ETH/USD is bullish, as technical indicators keep heading north within positive territory. However, the Ether buyers need to step in, otherwise it won’t be easy to clear the $11.25 resistance area.

Ethereum ETHUSD pair Forecast

The 4-hours chart of ETH/USD is even more constructive. Yesterday, I highlighted a contracting triangle pattern on the 2-hours chart. A similar pattern is forming on the 4-hours chart with clear resistance at $11.25. The triangle upper trend line is a monster hurdle, as it is formed via connecting more than 5 swing highs.

On the downside, Ether price is clearly supported. There are two bullish trend lines, acting as a barrier and preventing losses. As long as the price is supported on the downside, the chances of a break above $11.25 are very high.

Important Resistance Levels

$11.05 and $11.25

Important Support Levels

$10.85 and $10.50

Hourly RSI

The RSI technical indicator is above the 50 level, and heading north.

Hourly MACD

The MACD is now in the bullish zone, signaling positive bias.

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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