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ETH/USD Consolidates In Quiet Trading

By

Aayush

Jindal

Guest AnalystETHNews.com

Action in Ether price looks stable against the US Dollar. ETH/USD keeps retreating from the lows, has sights on an upside break.

Key Highlights

It was a quiet session, as Ether price mostly traded in range with resistance at $13.00 against the US Dollar.
The hourly chart of ETH/USD clearly highlights a range pattern with resistance at $13.00, and support at $12.60-12.50.
The 4-hour chart on the other hand suggests that the pair is attempting a break above a flag pattern.

Technically, the 4-hour chart indicators are still well above their mid-lines, but remain flat.

Ether Price Forecast

There was no major move in ETH/USD during the past two sessions, as it traded in a tiny range. On the downside, the $12.60 and $12.50 levels are acting as a support. On the upside, the $12.90 and $13.00 levels are preventing further gains.

Ether Price Analysis Chart

ETH/BTC on the other hand was seen trading a few points lower. It was mainly due to strength of Bitcoin price, and less due to weakness in Ether price.

When we analyze the hourly chart of ETH/USD, a clear range pattern is visible in the form of a channel. Both resistance and support are playing their part well in preventing a break.

If we have a closer look, we will know that the rejections near $13.00 were strong. Every time there was a rejection, the following candle on the hourly chart was in the form of a long body. On the other hand, when the price bounced from the $12.60 and $12.50 supports, the corresponding moves were not strong.

The price slowly moved higher, and candles formed were small. However, when we consider candle counts, the bullish candles are far more than bearish.

Ethereum ETH/USD ForecastLooking at the 4-hour chart, the ETH/USD pair is currently attempting to break a flag pattern.

However, if there was a proper break, the price should have gained pace, but there was no momentum. Unless there is a proper close above $13.00 or below $12.50, the consolidation mode may continue.

Important Resistance Levels

$12.90 and $13.00

Important Support Levels

$12.60 and $12.50

Hourly RSI

The RSI technical indicator is above the 50 level, but with no real direction.

Hourly MACD

The MACD is showing no sign of a break with flat structure.

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

ETHNews is commited to its Editorial Policy

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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.