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Ether Price Remains Stuck On Friday

By

Aayush

Jindal

Guest AnalystETHNews.com

ETH/USD is stuck in a range of $11.80-$12.10, and it looks like the Ether market sentiment is neutral at the moment.

Key Highlights

Ether price remained confined in a tiny range against the US dollar, and positioning for a break.
There is a clear range sum consolidation pattern formed on the hourly chart of ETH/USD.
The 4-hours chart also has a contracting triangle pattern to provide us a break going forward.

Technically, the indicators are neutral on hourly chart, and signaling no major move for the next few hours.

ETH/USD Forming Range and Bottom?

It is now quite clearly looking at the last 3-4 day chart that Ether price is trading in a range versus the US Dollar. There were mostly ranging moves in ETH/USD, and the most important factor stopping the next leg is the $12.10 resistance.

Ethereum Ether Price Analysis

The hourly chart of ETH/USD shows how the Ether buyers failed time and again to clear the $12.100 resistance. However, there is also a solid support formed at $11.80, which then creates a channel on the chart. It can be seen as a range sum consolidation pattern.

We may continue to see ranging moves unless there is a break either above $12.10 or below $11.80. The current pattern is consolidation, which means the price is consolidating the recent losses. So, we cannot discard the fact that once the pattern is complete, the price may move down once again.

ETH/USD Forecast

However, there are a few indicators, which are signaling positive vibes. If those are true, the Ether bulls may even able break the $12.10 resistance for a move higher. Yesterday, I highlighted a contracting triangle pattern on the 2-hours chart.

A similar pattern is forming on the 4-hours chart of ETH/USD. So, we can now say even with more confidence that Ether price has reached a breaking point. We may soon see a break and the next move in ETH/USD.

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, not with no major bearish momentum.

Hourly MACD

The MACD is almost flat, which is a clear sign of consolidation.

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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