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.
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.
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.