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ETH/USD: Dollar Weakens, But Ether Can’t Rally

By

Aayush

Jindal

Guest AnalystETHNews.com

There was weakness in the Dollar overnight, but the Ether failed to capitalize. ETH/USD traded in a tiny range with resistance at $12.70.

Key Highlights

Ether price struggle to gain momentum above $12.70-12.80 continues against the US Dollar.
There is a clear bearish trend line with resistance at $12.70 formed on the 30-min chart of ETH/USD.
The pair is back in the consolidation phase with a slight bearish bias.

Technically, the 2-hour chart indicators are losing grip, and slowly moving in the bearish territory.

Ether Price Eyeing an Upside Move?

It was a tiring session for Ether traders, as there was hardly any major move in ETH/USD. The price remained confined in a range with a strong barrier at $12.70. It also represents the 50% Fibonacci retracement level of the last decline from $12.81 high to $12.53 low.

Ether Price Analysis Chart

During the last US session, the dollar was under a bearish pressure. FOMC Minutes published failed to impress the investors, as there was no proper signal regarding the next interest rate hike. As a result, the dollar was sold across the board, but Ether failed to rally.

There were 2-3 attempts to clear the range resistance area, but there was no close above $12.70-12.80. However, as of writing, the pair is challenging a bearish trend line on the 30-min chart.

There is a chance of a break above the trend line and $12.70, which can open the doors for a complete test of $12.80. The stated level is the next major barrier for the current ongoing range.

If the price fails to settle above the trend line, it may move down to test a bullish trend line with support at $12.60 on the same chart.

Ethereum ETH/USD Forecast

Looking at the 2-hour chart of ETH/USD, there is a descending channel in making. The channel resistance looks critical as it coincides with $12.70, and held the upside move on 4-5 occasions.

On the downside, the channel support is at $12.20, which was also the recent swing low. Overall, there can be a couple of upside break attempts, but until there is an increase in momentum, ETH/USD can’t rally.

Important Resistance Levels

$12.80 and $12.90

Important Support Levels

$12.60 and $12.20

2-Hour RSI

The RSI technical indicator is just holding the 50 level.

2-Hour MACD

The MACD is in the bullish zone, but slowly reducing 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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