Technically, there is a minor shift in the direction of indicators, but nothing to grab attention as long as ETH/USD stays above $10.00.

Ether Price Consolidation

We witnessed a rally in the ETH/USD pair recently, as there was a close above the $10.00 resistance (now support). Currently, the pair is trading in a range and consolidating gains with a minor downward slope.

Ethereum Ether Price Technical Analysis

If we have a look at the hourly chart of the ETH/USD pair, then a range pattern is clearly visible. On the upside, a resistance is at $11.00-20, and on the downside, the $10.80 level can be considered as an initial support. There may be continuous moves in the highlighted range pattern before a break.

Yesterday, I stated that there is a chance of Ether price moving down to test the $10.00 support. I still believe that the price may spike down to fill bids on the downside at $10.40-00. Once the orders are filled, ETH/USD might regain traction in the short term.

Ethereum ETH Price Technical Analysis M15

Looking at the 15-min chart of the ETH/USD pair, there is a consolidation pattern in the form of a descending contracting triangle. It signifies that the pair is may complete the current consolidating pattern soon to open the doors for the next move.

In my view, there may be a false break below the triangle support to fill buy orders before we can witness another rally in ETH/USD. On the downside, I would recommend keeping an eye on $10.00 as a support area.

Important Resistance Levels
$11.00 and $11.20
Important Support Levels
$10.40 and $10.00
Hourly RSI
The RSI technical has moved below the 50 level, which I think is a signal of a minor downside move towards $10.40-00.
Hourly MACD
The MACD is almost flat, matching the view of consolidation.
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Ether Technical Analysis

Today ETH/USD Forecast – New Low Likely Before Recovery
08-07-2016 Ether Price Weekly Forecast – Today’s Daily Close Is Crucial
08-06-2016 ETH/USD Forecast – Consolidation, Decline and Upward Surprise
08-05-2016 Ether Price Delivers Bullish Follow Through

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