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Ether Price Ranging, Follow Through On Correction

By

Aayush

Jindal

Guest AnalystETHNews.com

The ETH/USD pair weakened towards $10.30 before finding bids. It is currently trading in a range with a slight bullish tone.

Key Highlights

Ether price after trading below $10.40 against the US Dollar found support and started trading in a range.
The ETH/USD pair is currently trading positive, as there was a follow through on correction noted.
However, the pair is still below a major resistance band of $10.70-80, which may play a major role.

In the bigger picture, Ether price remains in a downtrend as prices have been making lower highs and lower lows since the past 7 days.

Ether Price Consolidation

The ETH/USD pair continued its decline during the past 24 hours and traded as low as $10.27. As forecasted yesterday, there was a move towards the 50% Fib retracement level of the last wave from the $9.82 low to the recent high from where it gained bids.

Ether Price Analysis Chart

The price traded in a range for a few hours, and as of writing ETH/USD is attempting a follow through on correction. However, the ETH bulls need to clear a major resistance band area of $10.70-80 in order to gain strength.

The current price action, range and resistance are clearly visible in the 24-hours chart. Furthermore, if we look at a higher timeframe chart like the last 7-days, then there is a contracting triangle pattern forming.

Ether Price Analysis Chart 7D

The triangle upper trend line is around the stated resistance levels ($10.70-80), which highlights its importance. We need to see how the ETH bears react around the triangle resistance. A decisive hourly close above $10.80 is required to take immediate pressure off the downside with a chance of a move towards $11.10-20.

Conversely, support stands at the $ 10.40 levels (triangle lower trend line) with a break below allowing more losses to build towards the $11.20 level. I think, a consolidation is the way forwards for ETH/USD in the short term.

Important Resistance Levels

$10.80 and $11.10

Important Support Levels

$10.40 and $10.20

Hourly RSI

The RSI indicator is not showing any major signs of a recovery, and currently around the 40 levels.

Hourly MACD

The MACD is sharping to move into the bullish zone, which is a good sign for the bulls.

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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