Ether Price Weaker Below $12.00 Handle
|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.
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.
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.