Ether Price Remains Range Bound
|Ether price continued to trade in a tiny range against the US Dollar and also below the $11.20-30 resistance.|
|The ETH/USD pair may continue to trade in a range of $10.80-$11.20.|
|There is a short term breakout pattern forming on the hourly chart, which may ignite a few moves going forward.|
Most technical indicators are flat on the 4-hours chart, which means the risk of a major move is very low.
Ether Price Short-term Break
There was no major move in Ether versus the US dollar, as the ETH/USD pair traded in a tiny range. The most important point is failure to overcome the $11.20-30 resistance. Ether faced a lot of offers during the past few days, as it acted as a monster barrier for buyers.
Currently, the hourly chart of the ETH/USD pair is not showing any constructive pattern. However, there is a short-term breakout pattern created in the form of a contracting triangle. On the upside, the triangle resistance is at $11.00-11.20, and on the downside support is at $10.80.
Both upper and lower trend lines are important. So, it would be interesting to see which way the price moves. In my view, the chances of an upside break for a test of $11.60 are more.
On the other hand, a break below the $10.80 support may be a strong bearish call, which could take the price towards $10.00. When we look at the 4-hours chart of ETH/USD, the stated range is clearly visible.
The pair may continue to remain range bound for some until it finds a catalyst for the next move. Traders need to keep a close watch on the range resistance and support levels, as both may play a crucial role.