ETH/USD Forecast: Short-term Consolidation Underway
|The ETH/USD pair kept trading above the $72.00 and $75.00 support levels with resistance at $80.00.|
|There is likely a short-term consolidation underway with a slight bullish angle.|
|Similarly, the ETH/BTC pair was seen trading in a range above the 0.052BTC support.|
Technically, the hourly chart indicators are stable in the bullish territory, but with no sign of an upward movement.
Ether Price to Retest $80.00-81.00?
The ETH/USD pair keeps consolidating at the higher end of its latest range near $78.00-79.00, coming just short to test $80.00. On the other hand, the ETH/BTC pair just managed to hold a major support area near 0.052BTC.
Looking at the hourly chart of ETH/USD, the pair is forming a short-term consolidation pattern. There are a few points to note. First, the pair is currently trading near a bearish connecting trend line, with a break looming on the horizon.
Second, there is a range resistance near $80.00, which can be tested on a successful hourly close above $78.50. Third, on the downside, a bullish trend line at $76.00 is waiting to provide support.
Lastly, the lower end of the range at $75.00 is a strong intraday support, and can be considered as a buy zone. The current price action suggests a 5-wave pattern inside a contracting triangle, and the pair may soon complete it for the next move.
The next move would largely depend on the market sentiment, and whether Ether buyers can break the $80.00 range resistance or not. If ETH/BTC manages to recover above 0.055BTC, it may trigger gains in ETH/USD as well in the near term.
Today, there is an important economic event lined up in the US, as the Federal Reserve will announce interest rates. The central bank is expected to hold rates at 1%, but investors would be looking for indications for the next raise.
We may witness some swing moves in the US Dollar around the announcement, and it could impact Ether price as well. Overall, we can keep an eye on $80.00 and $75.00 for the next move in ETH/USD, as seen in the 12-hour chart.