Following a strong downside move, Ether price looks like started a consolidation pattern that may eventually spur the next move.
Ether Price Forecast
Tuesday trading in Ether brought a few positive for buyers, as the price was seen catching bids against the US Dollar. ETH/USD found support two times near $11.00 on the last 24-hours chart, and then finally moved higher.
During the upside move, the price broke a critical short-term bearish trend line, as can be seen in the chart attached. The highlighted trend line acted as a perfect resistance. So, a break above it means there is a possibility of more gains in ETH in the short term.
However, the ETH bulls must not get too excited, as the price is still below a couple of important resistance levels. If we look at a higher time frame chart like the 7-days chart, then ETH/USD is likely forming a consolidating pattern with an initial resistance around the $12.80 level, followed by $14.80 (highlighted with red lines in the chart).
On the downside, the range support is forming near $11.00, which may play a crucial role for a recovery in ETH/USD. As long as the price is above it, there is a chance of a larger recovery.
Only a break below the range support area might negate the recovery chances in the near term.