Technically, the indicators on the D1 chart highlights a bearish bias with indicators staying north.

Ether Price Struggle to Trade Higher

We continuously saw how Ether price traded in a range against the US Dollar, and failed to make any major move. All-important lower timeframe charts either suggest a ranging pattern or points towards a break.

Ethereum ETH/USD Forecast

Today, let us look at the daily chart of ETH/USD to get a better idea how the pair may trade in the near term. Looking at the chart, there are a few things to note. First, the pair recently traded close to the $10.00 handle, which holds a lot of significance.

We can clearly see how the mentioned level acted as a monster support several times and pushed the price higher. The last rejection in ETH/USD was also around the same level. So, it increases the possibility of an upside move as long as the price is above $10.00.

On the upside, there is a bearish trend line formed on the daily chart. It is currently acting as a resistance, and preventing an upside move. Moreover, the 23.6% Fibonacci retracement level of the last decline from the $14.10 high to $9.80 low is also preventing a move higher.

Ether Price Analysis Chart

So, we can say that the price is trading above a monster support area at $10.00, and facing sellers near $11.25-60. A break on either side might clear the way for the next move. The hourly chart of ETH/USD points how the pair is consolidating in a range and preparing for the most-awaited break.

Monthly Resistance Levels
$11.25 and $11.60
Monthly Support Levels
$10.20 and $10.00
Daily RSI
The RSI technical indicator is below the 50 level with no real direction.
Daily MACD
The MACD is stable, but not able to move into the bullish zone.
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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

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