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Ether Buyers Facing Continuous Offers Near $11.00-11.20

By

Aayush

Jindal

Guest AnalystETHNews.com

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, 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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The content on ETHNews.com is provided for informational purposes only and it is not intended to be, and does not, constitute financial advice or any other advice. You should not rely on any ETHNews.com content to make an investment decision. ETHNews.com is not responsible for any investment decision made by you. You are responsible for your own investment research and investment decisions.