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Ether Price Back In Range Post Short-Lived Bounce

By

Aayush

Jindal

Guest AnalystETHNews.com

Having been unable to break the $11.40-50 resistance, the ETH/USD pair is back in range with a major support at $10.80.

Key Highlights

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.

Ether Price Analysis Technical Chart

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.

ETH to USD Chart Analysis

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.

Important Resistance Levels

$11.20 and $11.50

Important Support Levels

$11.00 and $10.80

2-hours RSI

The RSI technical indicator is just around the 50 level, and waiting for momentum.

2-hours MACD

The MACD is almost flat signaling a consolidation pattern.

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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