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Ether Price Analysis
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Ether Buyers Facing Continuous Offers Near $11.00-11.20





Ether price failed a daily close above $11.20 against the USD, which now presents a risk of a downside reaction in the short term.

Key Highlights

Ether price climbed higher once again against the US Dollar but failed to break a crucial resistance of $11.00-$11.20.
The Ether buyers were seen struggling around the stated resistance levels.
On the downside, there is a minor support trend line formed on the hourly chart of the ETH/USD pair.

Currently, the ETH/USD pair trades in a range and looks set for a break either above $11.20 or below $10.75.

ETH/USD Approaching Break?

In the weekly analysis, I highlighted that a daily close above the $11.00-$11.20 resistance area may play a crucial role for Ether price in the near term. However, the price struggled to settle above the stated levels, and remained in a narrow range.

Ehereum Ether Price Analysis Chart

There is a monster bearish trend line (yellow) formed on the hourly chart of the ETH/USD pair, which is acting as a barrier for the bulls and preventing an upside break. Similarly, on the downside, there is a support trend line (green), stalling losses.

In short, the pair is stuck in a range of $11.20-$10.75. A break either higher or lower may call for the next move in ETH/USD. In my view, the bulls failed on many occasions to break the $11.20 resistance and at some point they have to give up.

Ether ETH Price Technical Analysis

If there is a downside reaction, and a break below the $10.75-50 support area, then a retest of $10.00 is possible. On the other hand, if the ETH bulls succeed in breaking $11.20, then there is a chance of a ride towards $12.00.

The range pattern with mentioned resistance and support levels are clearly visible on the 4-hours chart of ETH/USD. We need to wait for a break to grab the next move in the short term.

Important Resistance Levels

$11.00 and $11.20

Important Support Levels

$10.75 and $10.50

Hourly RSI

The RSI technical indicator is almost flat, and signaling a range pattern.

Hourly MACD

The MACD is currently bullish, but may soon change the slope to ignite a downside move.

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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