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Ether Price Approaching Break Vs Dollar?

By

Aayush

Jindal

Guest AnalystETHNews.com

The ETH/USD pair has shown notable resilience during the past two days, increasing the chances of further gains in the near term.

Key Highlights

There were continuous range moves in Ether price against the US Dollar with a cap near $12.90.
The 2-hour chart of ETH/USD points a contracting triangle formation as a breakout pattern.
There are a few signs, suggesting a possible upside break in the short term.

Technically, the 2-hour chart indicators remain in the bullish territory with no major signs of uptrend exhaustion.

ETH/USD Technical Outlook

It was a treat for range traders during the past 2-3 days, as Ether price mostly consolidated. Selling highs near $12.90, and buying dips near $12.60 was the main trend.

Ethereum ETH/USD Forecast

The price is still trading in a range, but slowly there are signs emerging for the next possible break. There is a contracting triangle pattern formed on the 2-hour chart of ETH/USD.

The triangle lower trend line is near $12.60, coinciding with the range support. The triangle resistance is near $12.80, meaning a push would test the range high at 12.90-13.00.

Unless there is a proper close above $13.00, a real break should not be considered. As long as the range resistance is intact, there can hardly be any major gains in the near term.

For a downside break, the most important barrier seems to be at $12.60 and $12.50. A close may open the doors for a move towards $12.20.

Ether Price Analysis Chart

Let us look at the 30-min chart. It shows that the price is currently bouncing from the lows, and heading towards a bearish trend line break. If there is a break, the range high at $12.90 might be tested soon.

There were many rejections near $12.90, highlighting a real hurdle for ETH/USD to clear the range resistance. In my view the trend is still positive, suggesting either continuing range or an upside move.

Important Resistance Levels

$12.90 and $13.00

Important Support Levels

$12.60 and $12.50

2-Hour RSI

The RSI technical indicator remains supported above the 50 level.

2-Hour MACD

The MACD is in the bullish zone, and slowly expanding the 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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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.