ETH/USD struggle to break the $11.80-$12.10 range continued, and now the Ethereum hard fork may give investors a reason to be nervous.
Ether price was under a minor pressure against the US Dollar and Bitcoin, as yet another Ethereum hard fork is now confirmed.
The ETH/USD pair is still stuck in yesterday’s highlighted range pattern of $11.80-$12.10.
There should be a break sooner or later, and if something bad happens during the hard fork, ETH/USD may collapse.
Technically, the pair is currently below its 21 hourly SMA, suggesting a minor bearish pressure.
ETH/USD Range Formation
Ethereum Foundation recently announced their Hard Fork decision to end the DoS attacks. This is the second time they have considered a hard fork. It created a minor bearish pressure on Ether price and nervousness in the market.
The ETH/USD pair was seen trading a few points lower, but remained confined in yesterday’s highlighted range pattern of $11.80-$12.10. The pair was once again rejected around the $12.10 resistance, and currently trading near the lower end of the range at $11.80.
It would be interesting to see whether the Ether bulls can prevent a downside break or not. We can now see a descending channel pattern formed on the 30-min chart, which is taking the price slowly towards the lower end of the range where buyers would be put to test yet again.
I think there is a chance of a spike towards the last swing low of $11.65 this time to complete a perfect fib wave structure of the current cycle. The 2-hours chart is still almost the same, and has a contracting triangle pattern formed.
One important point to note is the fact that the range resistance is acting as a strong barrier compared with the support. There are a lot of rejections on the upside, compared with the number of support tests. I think we can see a minor new low before the price may attempt to trade back higher.
Important Resistance Levels
$12.10 and $12.40
Important Support Levels
$11.80 and $11.60
The RSI technical indicator is below the 50 level, showing sellers’ strength at present.
The MACD is currently in the bearish zone, and signaling further losses in the short term.
Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis. He strives to provide entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession and loves blogging. ETHNews is commited to its Editorial Policy
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