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ETH/USD Is Still Looking For Direction

By

Aayush

Jindal

Guest AnalystETHNews.com

The ETH/USD pair continues with its struggle to decisively break through $12.80, pushing Ether price back in a range pattern.

Key Highlights

Ether price is back testing the all-important range resistance near $12.80 against the US Dollar.
The ETH/USD pair after yesterday’s dive recovered, but faced resistance near the same old $12.80.
It looks like there is a major contracting triangle pattern formed on the 4-hour chart with support at $12.20.

Technically, the hourly chart indicators are stable, but might move in the bearish territory.

Ether Price Remains Capped Near $12.80

We saw a downside move in ETH/USD recently towards $12.20 where it found support and recovered. It managed to regain the $12.60 level, and attempted a break above $12.80.

Ether Price Analysis Chart

However, Ether price faced resistance once again and was not able to decisively break the $12.80 and $12.90 range resistance levels. The hourly chart of ETH/USD shows how the pair was rejected near $12.80.

After the rejection near $12.80, the pair sunk to a couple of lower lows. It looks like there is a bearish trend line formed with resistance at present near $12.70. There was a break of a bullish trend line (formed connecting recent lows) on the chart, which is a slight bearish sign.

However, I do not consider it as a break since the price action is still positive and there was no proper close below the 23.6% Fibonacci retracement level from the recent low of $12.19.

When I move to the 4-hour chart, I see a contracting triangle pattern. It might play an important role in the near term, and suggests that the price is reaching a breakout point.

On the upside, the triangle resistance is near $12.80, and support is at $12.20. The triangle is contracting, so both resistance and support levels may change going forward.

Ethereum ETH/USD Forecast

On the upside, I would stick with my previous view. Unless there is a daily close above $13.00, it would be hard to call a break a real upside move.

However, if there is a break below $12.20, it might spark a downside rally. The next major support in that case would be near $12.00.

In my view, the price may attempt another upside break above $12.80 in the short term.

Important Resistance Levels

$12.80 and $12.90

Important Support Levels

$12.50 and $12.20

Hourly RSI

The RSI technical indicator is above the 50 level, and slowly heading south.

Hourly MACD

The MACD is in the bullish zone, but with no sign of 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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