Ether Price Weakness To Be Short Lived
|Ether price continued to move inside a range against the US Dollar, as there was no catalyst for a break.|
|There is a range pattern forming with resistance at $13.00-$13.20 and support at $12.20-$11.80.|
|ETH/USD may consolidate for a few more sessions before we can witness a real break either higher or lower.|
The ETH/USD pair remains within familiar ranges, and trading at current position seems quite risky. Once we have a clear break, trades can be planned accordingly.
ETH/USD Range Pattern
Ether price is currently trading in a range, and it looks like ETH weakness may be over soon. Looking at the hourly chart of the ETH/USD pair, there is a clear range pattern with resistance at $13.00-$13.20 and support at $12.20-$11.80.
When we look closely, we can make out that the ETH bulls are trying hard to clear the range resistance area. There were at least 4-5 attempts to break $13.20 whereas the bears only attempted a couple of times to break the support area. This suggests that the chances of an upside move are more since at one point of time someone has to give up.
In my view a successful close above the $13.20 resistance area may trigger more gains in ETH/USD and could push the pair towards $14.00. If for some reason the ETH bulls fail to take the price higher, then a close below $12.00 could be very deadly for ETH/USD in the near term.
There is one more reason why the chances of an upside move are higher. There is a major bullish trend line formed on the 4-hours chart of the ETH/USD pair, which may continue to act as a support zone.
So, as long as the highlighted trend line support in place, Ether price may attempt to move higher.