Ether Price Has Reached The Breaking Point
|There was yet another failure near $12.00-10 in Ether price versus the US dollar.|
|A break above the stated levels is important for a sustained recovery in ETH/USD.|
|There is a contracting triangle pattern formed on the 2-hours chart of ETH/USD, which has reached the breaking point.|
Technically, the indicators are stable on the 2-hours chart and signaling a consolidation.
ETH/USD Continuous Struggle to Break $12.00-10
Ether buyers made another attempt yesterday to clear the $12.00-10 resistance area against the US Dollar, but failed. Similarly, the ETH/BTC pair failed to retain the bullish momentum and was not able to push above a major resistance.
When we look at the 30-min chart of the ETH/USD pair, there are clear failures near the $12.00-10 levels. There were more than 3 attempts to surpass the mentioned levels, but the ether sellers managed to protect any further gains.
However, sellers failed to ignite any major downside, as the price remained above the $11.80 support area. One important point to note from the 30-min chart is that there is likely a 5-wave structure forming, and the price is currently in the 5th wave.
So, there is a chance of a downside ride to test the last swing low before the pattern completes and price recovers. The same idea can be seen in the 2-hours chart of ETH/USD as well. There is a contracting triangle pattern formed, which is about to reach a breaking point.
There is another 5-wave structure forming when the price is analyzed inside the triangle. It is currently in the 4th wave, and once the 5th wave is completed, the price may move higher. Overall, it looks like the ETH/USD pair is consolidating at the moment, forming a breakout pattern, and may finally break higher. However, the most important hurdle for an upside move is at $12.00-10.