Ether Price Back In Range Post Short-Lived Bounce
|Ether price bounced every time there was a dip versus the US Dollar.|
|It looks like the ETH/USD pair is trading in a broad range of $10.50-$11.50.|
|Investors are looking for a break for the next move. In my view, the chances of an upside move are more.|
Technically, the 2 hours chart suggests a sideline pattern with support at $10.50 and resistance at $11.50.
Ether Price Range Trading
Ether price continued to find bids against the US Dollar during the past few sessions, but the upside was limited. The ETH buyers failed on many occasions to break the $11.40-50 resistance.
Similarly, on the downside, the $10.80-50 levels are acting as a strong support zone. When we have a look at the 30 mins chart of ETH/USD, then it clearly shows that the pair is trading in a range pattern. The range resistance is at $11.50, and the range support (lower) is at $10.50.
The price may continue to trade in the stated range for some more time, but eventually it has to break on either side. We just need to be on the right side when there is a break. In my view, the chances of a move higher are more, since the market sentiment is positive for the Ether.
Even the 2 hours chart of ETH/USD is signaling a sideline pattern with the same range support and resistance levels. However, there is a contracting triangle pattern forming as well along with the range pattern.
I think investors are waiting for a catalyst or new for the next move. The longer the price consolidates, the stronger will be the next move in my opinion. One must trade carefully such breaks to avoid losses.