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ETH/USD Continues Sideways Movement With Bearish Tone

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether price struggle to clear yesterday’s range pattern continued against the US Dollar, but it was mostly under bearish pressure.

Key Highlights

Ether price remained under pressure versus the US Dollar and every minor recovery were sold aggressively.
This week’s highlighted range of $11.80-$11.40 is still active, as there was no close yesterday as well.
The 4-hours chart of the ETH/USD pair is now signaling a contracting triangle as a breakout pattern.

Technically, the bullish tone that started this month remains under pressure due to the loss of upward momentum.

Ether Price Consolidation

The Ether is trading along a sideways trend versus the US dollar between the support $11.40 and resistance $11.80. There can be two cases when the price trades in a range. A break higher or lower.

Ether Price Analysis Technical Chart

If there is a break above $11.80, the uptrend may be expected to continue to test the next resistance level $12.40. On the other hand, a break of $11.40 support could trigger further losses, taking the price towards $11.00.

The 30-min chart of ETH/USD clearly suggests that how both bears and bulls managed to defend their respective support and resistance successfully. We kind of saw a similar pattern in August as well when I stated that there could be a break sooner or later.

ETH versus USD Price Chart Analysis Ethereum

The recent range may also give up at some point of time, but we need to figure out which way it might break. I believe the probability of an upside break is more since the market sentiment is not negative at the moment.

Considering the 4-hours chart of the ETH/USD pair, yesterday we saw a channel pattern. However, it looks like there is a contracting triangle taking shape. The price may be heading towards the $11.00 support where bulls could appear. The triangle is contracting and may soon provide us the next move we are waiting for in ETH/USD. On the upside, the triangle resistance now resides at $11.60.

Important Resistance Levels

$11.60 and $11.80

Important Support Levels

$11.40 and $11.00

30-min RSI

The RSI technical indicator is bending lower as Ether price declines after testing the range resistance.

30-min MACD

The MACD is placed well in the bearish zone and signaling more losses.

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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The content on ETHNews.com is provided for informational purposes only and it is not intended to be, and does not, constitute financial advice or any other advice. You should not rely on any ETHNews.com content to make an investment decision. ETHNews.com is not responsible for any investment decision made by you. You are responsible for your own investment research and investment decisions.