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Ether Price Lacks Clear Direction

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether price made no substantial move against the US Dollar, and it looks like we may continue to witness consolidation today as well.

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.

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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