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ETH/USD Forecast – Consolidation, Decline and Upward Surprise

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether price after the recent upside move started consolidating. Currently, it is correcting lower before it may find buyers for another rally.

Key Highlights

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.

Ethereum Ether Price Technical Analysis

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.

Ethereum ETH Price Technical Analysis M15

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.

Important Resistance Levels

$11.00 and $11.20

Important Support Levels

$10.40 and $10.00

Hourly RSI

The RSI technical has moved below the 50 level, which I think is a signal of a minor downside move towards $10.40-00.

Hourly MACD

The MACD is almost flat, matching the view of consolidation.

Aayush Jindal

Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession, loves blogging and observing financial markets

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