Technically, the hourly chart indicators turned bullish, signaling a shift in the market sentiment for the Ether.
Can Ether Price Retain Momentum?
Today, it was a bright day for Ether, as the price managed to gain traction against the US Dollar and Bitcoin. Both ETH/USD and ETH/BTC gained some momentum and traded higher.
The ETH/USD pair managed to find support near $9.50, and moved higher. The recent upside move was strong enough to break a couple of important resistance levels.
The most important break was of $9.80. It was acting as a crucial hurdle for a recovery in Ether price, and a break above it means the chances of further upsides are very high.
A new weekly high was formed at $10.22, and it looks like the pair may now correct a few points lower. If a correction is commenced, then an initial support can be around the $10.00 level. It also represents the 38.2% Fibonacci retracement level of the recent wave from the $9.45 low to $10.22 high.
Looking at the 4-hours chart of ETH/USD, there is another break visible. There was a monster bearish trend line, which was cleared during the upside move.
The pair closed above it, which means there is a possibility of Ether price gaining further momentum in the short term. However, it would depend on the hard fork, and if all goes well, we may witness upsides in ETH/USD.
On the downside, the $10.00-$9.80 levels may now act as a support zone.