Key Highlights
Ether price continued to trade in a tight range against the US Dollar and lacks clear direction.
The hourly chart of ETH/USD shows that the pair is forming a contracting triangle pattern with resistance at $10.55.
The 4-hour chart highlights choppy price action with a descending triangle and support at $10.40.

Technically, the 4-hour chart indicators are almost flat with a slight inclination in the bearish territory.

ETH/USD Consolidation Continues

Ether price was mostly silent during the past 24 hours against the US Dollar. It hardly made any major move, and remained below the $10.55-10.60 resistance area.

Ether Price Analysis Chart

Similarly, it was flat against the Bitcoin as well. ETH/BTC consolidated around 0.0150BTC. It looks like the price is waiting for a catalyst or news for the next wave.

When we look at the hourly chart of ETH/USD, there is a crucial bearish trend line formed with resistance at $10.52 at the moment. On the downside, there is a bullish trend line with support at $10.45. The resistance level also coincides with the 50% Fibonacci retracement level of the last decline from the $10.66 high to $10.41 low.

It looks like a contracting triangle pattern is forming on the chart, and the price may soon break it. However, even after the break, if there is no momentum, we might continue to see range moves.

When we look at the 4-hour chart, the pair is clearly less volatile and slowly moving down. There is a bearish trend line, protecting an upside break at $10.50-10.55.

Ethereum ETH/USD Forecast

On the downside, there is a connecting trend line with support at $10.40. Overall, the price is in slight downtrend, considering the ETH/USD 4-hour chart. However, the momentum is not there, which leaves the price is an unclear trend.

In my view, we may continue to see ranging moves with a chance of a spike higher above $10.60.

Important Resistance Levels

$10.55 and $10.60

Important Support Levels

$10.45 and $10.40

Hourly RSI

The RSI technical indicator is just below the 50 level with slight bullish angle.

Hourly MACD

The MACD is mostly flat in the bearish slope.
Disclaimer:
The content on ETHNews.com is provided for informational purposes only and it is not intended to be, and does not, constitute financial advice or any other advice. You should not rely on any ETHNews.com content to make an investment decision. ETHNews.com is not responsible for any investment decision made by you. You are responsible for your own investment research and investment decisions.

Ether Technical Analysis

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