ETH/USD Forecast – Consolidation, Decline and Upward Surprise
|Ether price started to consolidate the recent gains versus the US Dollar with a minor downward slope.|
|There is a range pattern formed, which can be clearly visible on the hourly chart of ETH/USD.|
|A lower time frame chart (15-min) of ETH/USD suggests that the pair is about to complete a consolidation pattern.|
Technically, there is a minor shift in the direction of indicators, but nothing to grab attention as long as ETH/USD stays above $10.00.
Ether Price Consolidation
We witnessed a rally in the ETH/USD pair recently, as there was a close above the $10.00 resistance (now support). Currently, the pair is trading in a range and consolidating gains with a minor downward slope.
If we have a look at the hourly chart of the ETH/USD pair, then a range pattern is clearly visible. On the upside, a resistance is at $11.00-20, and on the downside, the $10.80 level can be considered as an initial support. There may be continuous moves in the highlighted range pattern before a break.
Yesterday, I stated that there is a chance of Ether price moving down to test the $10.00 support. I still believe that the price may spike down to fill bids on the downside at $10.40-00. Once the orders are filled, ETH/USD might regain traction in the short term.
Looking at the 15-min chart of the ETH/USD pair, there is a consolidation pattern in the form of a descending contracting triangle. It signifies that the pair is may complete the current consolidating pattern soon to open the doors for the next move.
In my view, there may be a false break below the triangle support to fill buy orders before we can witness another rally in ETH/USD. On the downside, I would recommend keeping an eye on $10.00 as a support area.