Ether Price Lacks Clear Direction
|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.
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.
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.