ETH/USD Forecast: Rejections Continue Near $12.90
|There was no major move in ETH/USD, as the pair faced continuous rejections near $12.90.|
|The 4-hour chart highlights a long range pattern with a clear resistance near $12.90 and $13.00.|
|The hourly chart points a few negative signs, but nothing substantial to ignite a downside break.|
Technically, the 4-hour chart RSI is near 55, and the momentum indicator remains flat, reflecting ongoing range.
Ether Price Holding Range
It was an annoying session for investors looking for the next move in Ether price. It continued to trade in a range with resistance at $12.90 and support at $12.60.
There was no real move outside the mentioned range. The hourly chart clearly highlights the stated range with many rejections near $12.90. The ETH/USD pair attempted an upside move on many occasions, but failed to overcome the range resistance near $12.90.
If we consider the price action for the past 12 hours, there are a couple of downside breaks. The pair moved down below two bullish trend lines, putting pressure on Ether.
One important point about the recent range pattern is the strength of rejections near the top. The bearish candles are strong compared to the bullish candles, suggesting the importance of the range resistance.
On the other hand, there were less number of support tests. It means the market sentiment is in favor of an upside break. Overall, it looks like there is no clear bias, suggesting a continuing range.
When we look at the 4-hour chart, there is a clear accumulation mode. Once the current phase is over, we might witness heavy moves in ETH/USD.
So, if you are a range trader, its fine. But, if you are not, then it’s wise to wait for a break. I would say break and close on a higher timeframe chart would be a clear signal for the next move.