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Ether Price Consolidating Losses In A Range

By

Aayush

Jindal

Guest AnalystETHNews.com

The ETH/USD pair is currently trading in a range to consolidate losses with an immediate resistance at $11.80-$12.00 and near term support at $11.50.

Key Highlights

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.

Ether Price Analysis Chart

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.

Ether Price Analysis Chart 7D

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.

Important Resistance Levels

$11.80 and $12.00

Important Support Levels

$11.60 and $11.50

Hourly RSI

The RSI is below the 50 level, and not showing any major sign of an upside move.

Hourly MACD

The MACD is flat, suggesting range moves in the short term.

Aayush Jindal

Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession, loves blogging and observing financial markets

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