Technically, the 12-hour chart indicators are steadily moving in the bullish territory.
Ether Price Facing Crucial Resistance
There were mostly range moves in Ether price against the US Dollar and Bitcoin. Dips in both ETH/USD and ETH/BTC remained supported with an overall bullish bias.
Let’s start with the 12-hour chart of ETH/USD. There are two important points to note. First, the pair is facing a crucial barrier near the $51.00 and $53.00 resistance levels. Second, there is an important bullish trend line with support at $45.00.
The pair attempted an upside move above the $51.00 resistance on a couple of occasions this past week, but failed and moved down. However, losses were limited, as the $48.00 and $47.00 support prevented a downside break.
It looks a contracting triangle pattern is forming on the 12-hour chart with ascending bullish trend line and horizontal resistance.
Moving down to the 2-hour chart, the pair is currently attempting an upside break above a bearish trend line at $48.50. ETH/USD recently dropped to the $48.00 range support, found bids and started recovering.
It looks like Ether price may soon trade towards the $49.00 horizontal resistance, which is an initial hurdle for buyers. If there is a break above $49.00, the price could test the $51.00 resistance in the near term.
A close above $49.00 is a must, since it also represents the 38.2% Fibonacci retracement level of the last decline from $51.02 to $48.05. On the other hand, if there is a break below $48.00, the next support could be at $47.00
In my view, we may still see a few ranging moves between $47.00-51.00 before Ether buyers make an attempt to take the price towards $53.00-54.00.