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ETH/USD Forecast – Forming Base, Waiting For a Break

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether price has failed to extend downsides due to $11.00 support, suggesting that a base is forming for recovery.

Key Highlights

Ether continued to find buyers around the $11.00-$10.80 support against the US Dollar.
It looks like the ETH/USD pair is forming a base and may trade higher or recover in the short term.
A consolidation pattern is forming on the hourly chart, which may provide us the next break.

The 4-hours chart is signaling that sellers are exhausted and may give up anytime going forward.

Ether to Gain V/s US Dollar?

Ether sellers struggle to clear the $11.00 support versus the US Dollar continued during the past 24 hours. There were at least 4-5 attempts to surpass the stated support, but the ETH bulls managed to defend losses successfully.

Ethereum Ether Price Technical Analysis Chart

If looks like a base is forming for a ride higher in the short term. There is a contracting triangle pattern on the hourly chart of ETH/USD taking shape with a perfect 5-wave structure. If it plays well, then it could open the doors for an upside break.

On the downside, I reiterated many times that $11.00-$10.80 is a crucial support area, and it won’t be easy for sellers to break it. On the upside, a break above the highlighted triangle resistance and the 23.6% Fib retracement level of the last drop from the $12.65 high to $10.92 low may ignite buying pressure on ETH/USD.

Ether Price ETH Trend Analysis H4 Chart

On the other hand, a break and close below $11.00-$10.80 could negate the current recovery bias. However, the mentioned levels hold a lot of significance, as can be seen on the 4-hours chart as well. It acted as a major pivot area earlier, which is why sellers are finding it hard to break it.

In my view, if sellers continue to fail, the ETH/USD pair may start to move higher, and a break above $11.40 could take the pair towards $12.00.

Important Resistance Levels

$11.40 and $11.60

Important Support Levels

$11.00 and $10.80

Hourly RSI

The RSI technical indicator is bending lower and heading towards oversold levels.

Hourly MACD

The MACD is in the bearish zone, but there is hardly any momentum.

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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