ETH/USD Forecast – Bears In The Driver’s Seat
|Ether price remained under a bearish pressure versus the US Dollar, but the $11.50 support holds the key.|
|Every attempt by the ETH bulls to clear the $12.00 resistance was defended by sellers.|
|The pair remains in a range, but the bears are now in the driver’s seat looking at the 30-min chart.|
Technically, the 30 min chart shows that the price continues pressuring lower, consolidating its recent gains above the $11.00 handle.
ETH/USD Key Support
Yesterday, I stated that the $11.50 support is a major barrier for the ETH sellers. The price did bounce on a couple of occasions, but the upside was contained. Sellers easily managed to defend the upside move, and protected the $11.80-12.00 resistance.
Yesterday’s highlighted consolidation range is still intact on the 30-min chart of the ETH/USD pair. The range support is at $11.40-50, and the range resistance lies at $11.80-12.00. The mentioned resistance holds a lot of importance, as there were many failures to break it.
Currently, the price is trading near the range support and it looks like the ETH bulls are fighting hard to prevent a break. A close below $11.40 could easily spark a move towards the $11.20 level.
The 2-hours chart still has yesterday’s flag pattern in place. However, a continuous failure to move higher is a major concern. As highlighted with blue box on the chart, the resistance is acting as a major hurdle for more upsides.
I am still optimistic about a move higher. However, if the ETH bears continue to defend resistances, then there could be a break down in ETH/USD. We just need to keep a close watch on the range support. There can be more ranging moves in the short term, but ultimately there would be a break.