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Ether Price Analysis
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Ether Price Weaker Below $12.00 Handle





Ether price after declining recently started trading in a narrow range, but remains weaker as long as it is below $12.00.

Key Highlights

Ether price after tumbling over the weekend against the US Dollar found support at $11.50.
The ETH/USD pair is currently trading in a range above the stated level and consolidating.
There is likely a flag pattern forming on the 2 hours chart, which may ignite another upside move.

Technically, the 30 min chart shows that indicators have turned modestly higher after remaining in the bearish territory.

ETH/USD Consolidation Underway

ETH managed to hold the ground over the weekend the USD, as the price stayed above the $11.50 support. However, the risk towards the downside is not over yet. The ETH/USD pair is struggling to move higher, which should be a concern to the buyers.

Ether Price Analysis Technical Chart Ethereum

When we look at the 30 min chart of ETH/USD, the pair is currently trading in a range. On the downside, a crucial support lies at $11.40-50, and on the upside, $11.80-12.00 is a crucial resistance. The pair may continue to trade in the stated range for some time before we can witness the next move.

No doubt, the pair is under a minor bearish pressure. The ETH bulls need to overcome the $11.80-12.00 resistance to put the price back in the bullish zone.

ETH to USD Analysis Chart

Now, when we have a look at the 2-hours chart, then there is a positive sign. There is likely a bullish flag pattern in the form of a descending channel. And, an important support as per the channel is forming at $11.00.

The highlighted pattern may play a critical role for the next move in ETH/USD. If it is a bullish flag, then once it is complete, the pair may surge higher. Otherwise, we may witness more declines. In my view, the pair may range trade for a couple of more sessions before making an attempt to move higher.

Important Resistance Levels

$11.80 and $12.00

Important Support Levels

$11.50 and $11.20

2-hours RSI

The RSI technical indicator is below the 50 level, but getting stable slowly.

2-hours MACD

The MACD is currently in the bearish zone, but momentum is weakening.

Aayush Jindal

Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis. He strives to provide entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession and loves blogging.

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