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Can ETH/USD Buyers Keep The Rally Going?

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether price managed to gain traction during the past 24 hours and traded higher. Can ETH/USD buyers continue to gain momentum in the short term?

Key Highlights

Ether price after a decline against the US Dollar started recovering and moved above the $9.20 resistance.
There is a bullish trend line formed on the hourly chart of ETH/USD, acting as a support for the current recovery.
The $9.50-60 resistance area is preventing further gains in Ether and pushing the price down.

Technically, the 4-hours chart indicators are turning positive, but yet to gain bullish ground.

Ether Price Recovery Attempt

We saw how Ether price declined against the US Dollar and Bitcoin recently and once there was a fix for the consensus bug in geth, it started recovering.

Ether Price Analysis Chart

There was a nice upside move in ETH/USD, and as a result, there was a break above an intermediate resistance of $9.20. The best part was the fact that the price even managed to break the $9.50 resistance, but there was no proper close above it.

The Ether bears defended the $9.60 area and pushed the price down. However, on the downside, there is a bullish trend line formed on the hourly chart, which is acting as a support at the moment and holding the current trend.

So, as long as the price is above the trend line support, there is a chance of ETH/USD making another attempt to break the $9.60 resistance area. If the Ether buyers gain strength, there is even a possibility of a test of $10.00.

Ethereum ETH/USD Forecast

When we look at the 4-hours chart of ETH/USD, there are a couple of points to take now. First, the recent upside move was positive looking at the candles. Second, the upside was stopped around a connecting bearish trend line. Third, the last two candles show that the price is struggling and may be forming a short-term top.

Judging at the price action on the H4 chart, there is a chance of a minor dip in ETH/USD. However, in that situation, the Ether buyers may attempt to prevent the $9.20 area (earlier resistance now support).

Important Resistance Levels

$9.50 and $9.60

Important Support Levels

$9.20 and $9.00

4-hours RSI

The RSI technical indicator is just above the 50 level, but started pointing south.

4-hours MACD

The MACD has moved into the bullish slope, but slowly losing momentum.

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

ETHNews is commited to its Editorial Policy

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