Ether Price Relatively Muted; Support Estimated Near $12.80
|Ethereum price mostly consolidated against the US dollar, as there was no major movement in ETH/USD.|
|ETH/USD recently broke a support trend line on the last 7-days chart, which is not a good sign for the bulls.|
|There is a possibility of a downside move towards the all-important support area of $12.80-$13.00.|
ETH pairs are quieter this Monday, although the risk-aversion environment persists as the US Dollar gained some ground across the board.
Ether Price To Correct Lower?
The last 24-hours chart of ETH/USD clearly shows ranging moves with a high around $14.15 and low near $13.65. There is even a contracting triangle pattern forming on the same chart, which may trigger the next move in ETH in the short term.
On the upside, an initial resistance is near $14.10, i.e. the triangle upper trend line. However, I think the most important resistance is near $14.50, as highlighted in the weekly analysis as well. On the downside, the triangle support trend line is near $13.90. A break below it could ignite a downside move, which could take the price towards the all-important support area of $12.80-$13.00.
If we look at the last 7-days chart of ETH/USD, there is a break visible. A bullish trend line formed on the chart was broken recently, which is not a good sign for traders looking to buy ether in the short term.
There are chances of ETH/USD correcting lower towards the support area highlighted with red lines on the chart.
Overall, if the price continues to struggle to clear the $14.20 and $14.50 resistance area, then a downside move is possible.