Ether Price Testing Traders Patience
|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.
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.
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.