Ether Price Confined To Tight Range
|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.
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.
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.