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Can ETH/USD Build On Bullish Momentum

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether price started a consolidation phase after the recent upside. Going forward, it would be interesting to see whether ETH/USD can extend the upside or not.

Key Highlights

Ether price remained in a range versus the US Dollar and Bitcoin during the past 12 hours.
The ETH/USD pair is looking to build on the recent bullish momentum, but facing resistance near $8.80.
On the downside, the $8.00 support remains a monster barrier for sellers.

Technically, the 4-hours chart indicators are strongly bullish, and suggesting more gains.

Ether price about to break higher?

Yesterday, Ether price traded as high as $8.89 against the US Dollar, and then started correcting lower. The recent moves in ETH/USD look corrective, and may produce a bounce sooner or later.

Looking at the hourly chart, there is a breakout pattern forming with resistance around the $8.80 level. On the downside, an initial support is at $8.20.

The highlighted breakout pattern is a triangle pattern, which is contracting and about to pave way for the next move. It is a bullish breakout pattern, looking at the formation.

Ether Price Analysis Chart

On the downside, we need to keep an eye on the $8.00 support, as it is a major barrier. As long as the price is above it, there is a chance of ETH/USD extending the current bullish trend.

The stated support also coincides with the 23.6% Fibonacci retracement of the recent wave from the $5.84 low to $8.89 high. On the upside, the $8.80 resistance is key for the Ether buyers.

A break above it may call for a test of $9.00, which is the next resistance on the upside. The 4-hours chart of ETH/USD also highlights the $8.80 resistance. The price failed on more than two occasions, and was seen struggling.

Ethereum ETH USD Chart

However, the pattern on the H4 chart is constructive, and points a bullish break going forward. So, if you are looking to enter a buy trade, then consider it with a break above the highlighted resistance.

Important Resistance Levels

$8.80 and $9.00

Important Support Levels

$8.20 and $8.00

Hourly RSI

The RSI technical indicator is well above the 50 level, which is a bullish sign.

Hourly MACD

The MACD is in the bullish slope with a flat structure.

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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