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Ether Price Analysis
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Ether Price Confined To Tight Range





Ether price recent struggle paused near $10.45 against the US Dollar, and it looks like the ETH/USD pair is forming a tight range pattern.

Key Highlights

Ether price somehow managed to stay above the $10.50 support recently against the US Dollar.
There are a couple of bearish trend lines formed on the 2-hour chart of ETH/USD with resistances near $10.60 and $10.65.
On the downside, the $10.50-10.45 area is holding further losses

Technically, the 2-hour chart indicators are bearish, but slowly getting stable.

How Long Ether Price Can Range Trade?

There was a slow and steady downtrend in Ether price recently against the US dollar, and yesterday there was a close below the $10.60 support area well.

Ethereum ETH/USD Forecast

Later, there were two attempts to break the $10.50 support area, but there was no proper close below the stated support area. As a result, the price is now back above the stated level.

When we look at the 2-hour chart of ETH/USD, there is a clear support formation at $10.50-10.45. It is acting as a barrier for Ether price, and preventing further losses. The stated levels are just above the 61.8% Fibonacci retracement level of the last wave from the $10.17 low to $11.00 high.

So, it looks like the mentioned area is holding well, but remains at a risk of breakdown. On the upside, there are a few points to note. First, there are two bearish trend lines, which may continue to act as a hurdle at $10.60 and $10.65.

Second, if there is a close above the $10.65 level, there is a chance of more gains in ETH/USD. Lastly, the trend lines are acting as a crucial resistance, and it won’t be easy for the price to close above it.

Ether Price Analysis Chart

So, we can say that the price is stuck in a tight range, and may soon head higher or lower. The 30-min chart of ETH/USD is showing a few positive signs.

It shows that the price is currently holding the $10.50 support and may soon break the highlighted bearish trend line at $10.58-10.60.

Important Resistance Levels

$10.60 and $10.65

Important Support Levels

$10.50 and $10.45

2-hour RSI

The RSI technical indicator is well below the 50 level, but slowly turning north.

2-hour MACD

The MACD is in the bearish zone, but slowing stabilizing.

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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