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Ether Price Confined To Tight Range

By

Aayush

Jindal

Guest AnalystETHNews.com

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, 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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