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Ether Price Weaker Below $12.00 Handle

By

Aayush

Jindal

Guest AnalystETHNews.com

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, 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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