Ether Price Consolidating Losses In A Range
|Ether price struggle continues against the US dollar, as it made a new weekly low below $11.80.|
|This past week highlighted support area of $12.00-$11.80 for the ETH/USD pair may now act as a resistance area.|
|Considering the hourly perspective, the pair is forming a consolidation pattern in a tiny range.|
A weakening technical structure accompanied by very low volatility has put Ether price under a bearish pressure, which might increase going forward.
ETH/USD Technical Analysis
The ETH/USD pair failed to sustain a recovery, and resumed its downtrend. The pair even traded below the $11.80 support area, which means there is a chance of more declines in the short term.
If we have a look at the hourly chart of the ETH/USD pair, then it looks like the price is stuck in a range. On the upside, an initial resistance is around the $12.00-$11.80 levels, which was a support earlier and may act as a resistance moving ahead. On the downside, the recent low of $11.55 can be considered as a support area.
Ether price might consolidate for some time in the highlighted range before the next move. As mentioned, there is a weakening technical structure accompanied by very low volatility, which is putting a lot of pressure on the ETH/USD pair. So, the ETH bulls must be careful before jumping into the market.
The last 7 days chart also clearly points that the price is consolidating in a range, and I think it is setting up for a major move in the near term. The breakout direction is hard to predict at this moment considering the current price action.
I think we should keep a close watch on the highlighted resistance and support levels. A promising close on the either side might be a signal for the next move in the ETH/USD pair.