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Ether Price Analysis
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ETH/USD Short-term Bearish In Range





Ether price ran through some offers during the past session against the US dollar, and it looks like ETH/USD may be eyeing short-term bearishness.

Key Highlights

Ether price continued its struggle to gain momentum above 10.00 against the US Dollar, resulting in a minor downside move.
The ETH/USD pair broke a contracting triangle on the hourly chart at $9.70.
If the break is real, there are chances of a downside move back towards the $9.40 level.

Technically, the hourly chart indicators are about to move into the bearish territory.

Ether Price Hesitates, Short-term Losses Likely

It looks like Ether price is finding it very difficult to move past the $10.00 resistance area against the US Dollar. It recently ran through offers near $9.80 and moved down.

Ether Price Analysis Chart

During the downside move, the ETH/USD pair broke a contracting triangle pattern on the hourly chart at $9.75, opening the doors for further losses. But, there was no major increase in selling pressure and momentum.

However, the price was able to go pass the 23.6% Fibonacci retracement level of the last wave from the $9.14 low to $10.00 high. If the highlighted break is real, there is a chance of ETH/USD accelerating the downside.

In that case, there can be a test of the 50% Fibonacci retracement level of the last wave from the $9.14 low to $10.00 high. In my view, the price remains range bound, and the recent break is only to ignite a short-term downside move towards the $9.50-9.40 support area.

The mentioned range is clearly visible on the 4-hour chart of ETH/USD. The pair mostly consolidated recently, and there was no major movement.

Ethereum ETH/USD

On the upside, there is a crucial resistance near $10.00. Also, there is a bearish trend line on the same chart, which is just above $10.00.

It looks like ranging moves may continue in the short term, but the price needs to make a move soon. If the $10.00 resistance keeps acting as a barrier for more gains, there can be an increase in selling pressure for a downside break.

Important Resistance Levels

$9.80 and $10.00

Important Support Levels

$9.50 and $9.40

Hourly RSI

The RSI technical indicator is positioned near the 50 level with a flat structure.

Hourly MACD

The MACD has just moved in the bearish slope, but there is no momentum.

Aayush Jindal

Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis. He strives to provide entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession and loves blogging.

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