The ETH/USD pair is annoying investors as it traded in a range during the past few days. Let’s see what we can expect moving ahead.
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.
Important Resistance Levels
$11.00 and $11.20
Important Support Levels
$11.00 and $10.80
The RSI technical indicator is attempting to break the 50 level, which may open the gates for more gains.
The MACD is currently in the bearish slope, but there are signs of a change in momentum in the short term.
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 marketsETHNews is commited to its Editorial Policy
Like what you read? Follow us on Twitter @ETHNews_ to receive the latest Ether Price, Ether Price Forecast and Ethereum Analysis News.