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Ether Price Consolidating Losses Vs Dollar

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether price remained stable during the past two sessions against the US Dollar. There is a consolidation pattern formed with support near $9.50.

Key Highlights

Ether price remained supported near $9.50 against the US Dollar, and looks like consolidating losses.
There is an ascending channel pattern formed on the 30-min chart of ETH/USD, acting as a consolidating pattern.
The pair is likely approaching a break when we look at the 2-hour chart.

Technically, the 2-hour chart indicators are struggling to move into the bullish territory.

Ether Price Breakout Pattern

Yesterday, we saw how Ether price recovery was capped by the monthly pivot at $10.00 against the US Dollar. Since then, the price was seen trading in a range and consolidating losses.

Ether Price Analysis Chart

Looking at the 30-min chart of ETH/USD, there is an ascending channel pattern formed, which is acting as a consolidation pattern. Now, we can also consider this as a flag pattern.

If this is a flag pattern, then once it completes, it could open the doors for yet another downside move. On the other hand, if it’s not a flag. It could just help the price in gaining bids.

On the downside, the channel support is near $9.50, which is also around the 50% Fibonacci retracement level of the last wave from the $9.14 low to $10.00 high. So, the stated support holds the key and may act as a pivot or breakout level in the short term.

If the price moves below $9.50, it could clear the way for another downside push towards $9.20. On the upside, there is only channel resistance trend line as a hurdle for gains. If the pair manages to surpass it, there could be a move towards $10.00.

Ethereum ETH/USD Chart

The 2-hour chart suggests that the pair is about to reach a breakout zone. There looks like a contracting triangle pattern, which is about to complete. The last H2 candle looks bearish, and suggesting a downside move.

Overall, it looks like the price may soon complete the current consolidation pattern for the next move depending upon the break.

Important Breakout Levels

$9.80 and $10.00

2-hour RSI

The RSI technical indicator is below the 50 level, and failed recently to move higher.

2-hour MACD

The MACD is mostly flat, and attempting to move into the bearish zone.

Aayush Jindal

Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession, loves blogging and observing financial markets

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