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Ether Price Analysis
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Ether Price Ranging, Follow Through On Correction





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. He strives to provide entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession and loves blogging.

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