Technically, the indicators are neutral on hourly chart, and signaling no major move for the next few hours.
ETH/USD Forming Range and Bottom?
It is now quite clearly looking at the last 3-4 day chart that Ether price is trading in a range versus the US Dollar. There were mostly ranging moves in ETH/USD, and the most important factor stopping the next leg is the $12.10 resistance.
The hourly chart of ETH/USD shows how the Ether buyers failed time and again to clear the $12.100 resistance. However, there is also a solid support formed at $11.80, which then creates a channel on the chart. It can be seen as a range sum consolidation pattern.
We may continue to see ranging moves unless there is a break either above $12.10 or below $11.80. The current pattern is consolidation, which means the price is consolidating the recent losses. So, we cannot discard the fact that once the pattern is complete, the price may move down once again.
However, there are a few indicators, which are signaling positive vibes. If those are true, the Ether bulls may even able break the $12.10 resistance for a move higher. Yesterday, I highlighted a contracting triangle pattern on the 2-hours chart.
A similar pattern is forming on the 4-hours chart of ETH/USD. So, we can now say even with more confidence that Ether price has reached a breaking point. We may soon see a break and the next move in ETH/USD.