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.

Ethereum Ether Price Analysis

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.

ETHUSD Forecast

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.

Important Resistance Levels
$12.10 and $12.40
Important Support Levels
$11.80 and $11.60
2-hours RSI
The RSI technical indicator is currently below the 50 level, and waiting for the bulls to step in.
2-hours MACD
The MACD is in the bearish zone, but it looks like forming a base.
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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.

Ether Technical Analysis

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