ETH/USD Remains Strong Above $48.00-47.00
|The ETH/USD pair remained capped by the $50.00 handle, but well above the $48.00 and $47.00 support levels.|
|Looking at the 2-hour chart, it looks like the pair is forming a wide range pattern with support at $47.00 and resistance near $51.00.|
|On the other hand, Ether price was seen trading lower by roughly 2% against Bitcoin.|
Technically, the 6-hour chart indicators are well above their mid-levels in the bullish territory.
Ether Price to Continue Consolidating?
After the recent decline in Ether price, there was a decent recovery against the US Dollar. The price found support near an important level at $47.00 and bounced.
When we look at the 2-hour chart of ETH/USD, the pair has formed a wide range pattern. On the upside, we all know how $51.00 is acting as a monster resistance and preventing further gains.
On the downside, I think there is a nice range support building near $48.00 and $47.00. Both the mentioned levels acted as a solid barrier for sellers and prevented declines on many occasions.
The most critical is $47.00 since it is the lower range support and a weekly pivot as well. At the moment, the pair is forming a short-term contracting pattern inside the range. The triangle resistance is near $49.50, and support is at $49.00.
So, we may soon witness a short-term break either towards the range resistance or support. In any case, Ether price is well-supported on the downside.
Moving on to the 6-hour chart, it looks like the $47.00 level will again serve as a crucial support level, coinciding with a bullish trend line and a horizontal pivot support.
The recent decline was completely rejected around the trend line support, suggesting it’s importance. Looking at the wave count inside the range, ETH/USD likely completed 5 waves.
There is a high possibility of Ether price gaining traction soon for another upside ride in the near term. However, buyers need to crack $51.00 for sustained gains. The overall trend is bullish, and most timeframe charts points more Ether’s strength.