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.
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.
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.