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Ether Price Signaling Start of Bullish Trend

By

Aayush

Jindal

Guest AnalystETHNews.com

Ethereum Foundation announce fourth hard fork block number igniting an upside move in ETH/USD. Can the pair capitalize and gain additional ground?

Key Highlights

Ether price, after a false break below the $10.00 level against the US Dollar, found support and traded higher
Yesterday, the Ethereum Foundation finally announced a block number for the fourth hard fork: Spurious Dragon, which initiated an upside in ETH/USD.
The pair is now trading with positive momentum and signaling a break on the 2-hours chart

Technically, the indicators on the 2-hours chart turned north, and signaling a start of the bullish trend.

ETH/USD Upside Break

Yesterday, there was a break below an important support area at $10.00, but it turned out to be a false break. There was no real momentum, and as a result, Ether price bounced back.

Ether Price Analysis Chart

However, there was a fundamental reason, which helped Ether in gaining bids. As mentioned, the Ethereum Foundation announced the block number for their 4th hard fork: Spurious Dragon, which caught Ether buyers attention and sent the price to an upward trend.

There was a nice upside move in ETH/USD, as the pair broke a couple of short-term resistance levels to open the doors for a recovery. The pair closed above the $10.10 resistance, and also broke a bearish trend line formed on the 2-hours chart.

Furthermore, there was a move above the 23.6% Fib retracement level of the last decline from the $10.74 high to $9.86 low, which is a positive sign. The pair at the moment is consolidating above the $10.20 level, and faces a major resistance near $10.40. As can be seen from the chart, it was a support earlier, and may now act as a hurdle for an upside continuation.

Ethereum Hard Fork ETH to USD Forecast

Looking at the 6-hours chart of ETH/USD, it looks like the pair stopped right at a bearish trend line resistance. It is currently preventing a break, and stopping the current recovery wave. Moreover, we can also see the same $10.40 resistance, which could play a major role in the short term.

Overall, the recent break is encouraging, but Ether price faces a lot many hurdles on the way up.

Important Resistance Levels

$10.30 and $10.40

Important Support Levels

$10.10 and $10.00

2-hours RSI

The RSI technical indicator has moved above the neutral level, and signaling a positive break.

2-hours MACD

The MACD has moved from the bearish to bullish zone.

Aayush Jindal

Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession, loves blogging and observing financial markets

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