ETH/USD Consolidates Below Key Levels
|Ether price kept trading in a range against the US Dollar with support near $10.45 and resistance at $10.60.|
|There is a contracting breakout pattern formed on the 2-hours of ETH/USD.|
|The pair remains below a major resistance area ($10.60), which might play a major role in the short term.|
Technically, the 2-hour chart indicators are mostly flat signaling range trading.
Ether Price Remains at Risk
There was no major move in Ether price against the US Dollar, as it kept trading in a range and above the $10.45 support. On the other hand, it moved down against the Bitcoin, as ETH/BTC struggled during the past two sessions.
Looking at the 30-min chart of ETH/USD, there is a consolidation phase initiated. There are a few points to note. First, a crucial support is formed near $10.45. Second, there is a range of resistance levels, starting with $10.55, $10.60 and $10.65.
Last, it won’t be easy for the Ether buyers in the short term, as the price faces many hurdles on the way up. So, it is likely that we will witness a range pattern.
On the downside, there is an open space below $10.45, meaning there is no important support between $10.45-$10.00. So, if the price starts a proper slide, there can be a move towards $10.00.
When we look at the 2-hour chart of ETH/USD, there is a critical bearish trend line. Its resistance coincides with the range resistances at $10.60-10.65. So, it is another hurdle for the price waiting on the upside.
The highlighted resistance also coincides with the 23.6% Fibonacci retracement level of the last decline from the $11.00 high to $10.43 low. So, if the price succeeds in clearing the stated resistance levels, it could open the doors for more gains in the near term.
On the downside, there is a clear support forming at $10.45. It can be considered as a breakout level. A break below it might take the price towards $10.20 or $10.00.