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Ether Price Takes Breather After Another Fall

By

Aayush

Jindal

Guest AnalystETHNews.com

ETH/USD is holding losses at the moment, and forming a recovery/consolidation pattern after yet another fall.

Key Highlights

Ether price is currently under a recovery mode against the US Dollar, but struggling to gain traction.
The $12.00-10 resistance area in ETH/USD is acting as a strong barrier for an upside move.
There is a major resistance area formed near the stated level, as a couple of bearish trend lines are meeting at the same point.

Technically, the hourly chart is suggesting a consolidation triangle pattern for the next move.

Can ETH/USD Break Above $12.10?

Ether price was seen attempting a break above the $12.00-10 resistance area yesterday on a couple of occasions. However, the Ether sellers protected the resistance area successfully, and pushed the price lower once again.

Ethereum Ether Price Analysis

The downside somehow found support at $11.80, and currently the price is moving back higher. It looks like there is a consolidation pattern forming on the hourly chart of ETH/USD, which may provide us the next move. The pattern is in the form of a triangle, and holds a lot of importance.

Its upper trend line is crucial, since it is positioned with $12.10. The stated level also represents the 61.8% Fibonacci retracement level of the last decline from the $12.39 high to $11.64 low. The triangle pattern is contracting, and will eventually break either higher or lower.

ETH/USD Forecast

As long as the price keeps forming lower low, there is a chance of an upside move in the short term. The next stop in that situation could be around the last swing high of $12.40. But first, the Ether buyers need to clear the $12.10 hurdle.

The mentioned resistance holds the key, and it can be clearly seen in the 4-hours chart as well. There are two bearish trend line formed, which are meeting around the same level. It means it won’t be easy for the price to settle above it. However, if there is a break, it may push the price back in the bullish zone.

Important Resistance Levels

$12.10 and $12.40

Important Support Levels

$11.80 and $11.60

Hourly RSI

The RSI technical indicator is currently below the 50 level, but moving higher.

Hourly MACD

The MACD is stable, and mostly pointing a consolidation pattern.

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.