ETH/USD Consolidates In Quiet Trading
|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.
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.
Looking 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.