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Ether Price Analysis
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Can ETH/USD Build On Bullish Momentum





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. He strives to provide entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession and loves blogging.

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