Currently, the ETH/USD pair trades in a range and looks set for a break either above $11.20 or below $10.75.

ETH/USD Approaching Break?

In the weekly analysis, I highlighted that a daily close above the $11.00-$11.20 resistance area may play a crucial role for Ether price in the near term. However, the price struggled to settle above the stated levels, and remained in a narrow range.

Ehereum Ether Price Analysis Chart

There is a monster bearish trend line (yellow) formed on the hourly chart of the ETH/USD pair, which is acting as a barrier for the bulls and preventing an upside break. Similarly, on the downside, there is a support trend line (green), stalling losses.

In short, the pair is stuck in a range of $11.20-$10.75. A break either higher or lower may call for the next move in ETH/USD. In my view, the bulls failed on many occasions to break the $11.20 resistance and at some point they have to give up.

Ether ETH Price Technical Analysis

If there is a downside reaction, and a break below the $10.75-50 support area, then a retest of $10.00 is possible. On the other hand, if the ETH bulls succeed in breaking $11.20, then there is a chance of a ride towards $12.00.

The range pattern with mentioned resistance and support levels are clearly visible on the 4-hours chart of ETH/USD. We need to wait for a break to grab the next move in the short term.

Important Resistance Levels
$11.00 and $11.20
Important Support Levels
$10.75 and $10.50
Hourly RSI
The RSI technical indicator is almost flat, and signaling a range pattern.
Hourly MACD
The MACD is currently bullish, but may soon change the slope to ignite a downside move.
Disclaimer:
The content on ETHNews.com is provided for informational purposes only and it is not intended to be, and does not, constitute financial advice or any other advice. You should not rely on any ETHNews.com content to make an investment decision. ETHNews.com is not responsible for any investment decision made by you. You are responsible for your own investment research and investment decisions.

Ether Technical Analysis

12-04-2016 ETH/USD Weekly Forecast: Odds of Further Declines Increase
08-09-2016 Ether Price Breaking Higher, More Gains Ahead
08-08-2016 Ether Buyers Facing Continuous Offers Near $11.00-11.20
08-07-2016 Ether Price Weekly Forecast – Today’s Daily Close Is Crucial
   

Subscribe to our Newsletter

* indicates required
Email Address *
First Name
Last Name
Country
News Categories of Interest