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ETH/USD Forecast: Rejections Continue Near $12.90

By

Aayush

Jindal

Guest AnalystETHNews.com

The $12.90 range high is proving to be a tough barrier for Ether price, as ETH/USD continues to consolidate with a slight bearish tone in the hourly chart.

Key Highlights

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.

Ether Price Analysis Chart

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.

Ethereum ETH/USD Forecast

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.

Important Resistance Levels

$12.90 and $13.00

Important Support Levels

$12.60 and $12.50

Hourly RSI

The RSI technical indicator has moved below the 50 level.

Hourly MACD

The MACD is about to tilt in the bearish zone, but with no major momentum.

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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