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Ether Price Analysis
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Ether Price Holding Range; Short-Term Outlook Negative





The Ether on Friday morning was continuing to fall against the USD, but the fall was not aggressive suggesting sellers are losing momentum.

Key Highlights

Ether price mostly traded in a range with a slight bearish sentiment against the US Dollar.
There was a break below yesterday’s highlighted contracting triangle pattern formed on the hourly chart of the ETH/USD pair.
However, the break does not look convincing, and may turn out to be a false one.

In terms of support, there is a major barrier for sellers on the downside at $12.00, which can produce a bounce later.

ETH/USD False Break

Ether price is slightly down on Friday morning, with trades being conducted at around $12.60 against the US Dollar. The ETH/USD pair continued its struggle to clear the $13.00 resistance area, and managed to break below yesterday’s highlighted contracting triangle pattern formed on the hourly chart.

Ether Price Analysis Chart

However, I am not at all convinced whether the recent triangle break is correct. I think it may be a false break, as there was no major move after it. It looks like the price is mostly ranging with a downward slope.

In my view, until the price sustains its strength above the $13.00 resistance, it is likely to make a fresh attempt to move back towards $12.00. There was hardly any major move in the ETH/USD pair during the past 24-hours. So, technically my view still remains as it was yesterday. I believe there is a possibility of a test of $12.00.

Ether Price Analysis Chart H4

The stated level holds a lot of importance, and it can be easily seen in the 4-hours chart. There were a couple of rejections around the mentioned level (highlighted with grey).

However, at the same time, we should also keep a track of a bearish trend line on the same chart, which prevented an upside move on many occasions. In short, on the upside $13.00 as resistance is important, and $12.00 as support on downside is crucial.

Important Resistance Levels

$12.80 and $13.00

Important Support Levels

$12.40 and $12.00

Hourly RSI

The RSI technical indicator has moved below the 50 level, which is one of the reasons I believe the pair may move down further.

Hourly MACD

The MACD is mostly neutral, which is a sign of ranging moves.

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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