Ether Price Likely Completed A Correction
|Ether price started a correction against the US Dollar over the weekend and traded as low as $11.60.|
|The ETH/USD pair remained supported due to a bullish trend line on the hourly chart.|
|The pair may bounce going forward if the $11.60-70 levels continue to provide support.|
Technically, the daily chart of the ETH/USD pair suggests a monster range pattern.
Ether Price Trend Line Support
As mentioned in the weekly analysis, Ether price managed to climb higher against the Bitcoin as well as the US Dollar. However, the upside move found sellers near $12.06 in ETH/USD. The pair then started a corrective wave during the past 24 hours.
During the correction, the price tested a major support area of $11.60-70. It represented the 50% Fib retracement level of the last wave from the $11.49 low to $12.06 high. Moreover, there is a bullish trend line on the hourly chart, meeting around the same levels.
So, it was an easy job for the Ether bulls to prevent the downside move. The ETH/USD pair found support today, and started trading higher. The last two hourly candles look positive, and pointing towards more gains in the near term.
When we have a look at the bigger picture like the daily chart, then we can clearly see a monster range pattern. I am tracking the highlighted range for quite some time now as I think it may act as a major catalyst for the next move.
On the upside, the $12.00-10 handle is a resistance band. On the downside, the $10.20-00 is a support area. We may continue to see ranging moves as long as there is no break of the pattern.