Ether Price Correcting Higher, But Still Ranging
|Ether price recently tested the $11.85-80 support area against the US Dollar, and found bids.|
|There was a break below a support trend line on the 30-min chart of ETH/USD for a test of the $11.85-80 support area.|
|The pair is currently recovering, but still it remains in a range on the higher timeframe chart.|
Technically, Ether price can correct further higher, but a steeper recovery seems well-limited.
The Ether started the week advancing moderately, particularly against the US Dollar and Bitcoin. The ETH/USD fell down to $11.85 before bouncing modestly. During the downside move, there was a close below a support trend line on the 30-min chart.
However, the downside was limited, as the all-important $11.85-80 support pitched in and rescued the Ether buyers. The pair also bounced from the 50% Fibonacci retracement level of the last wave from the $11.79 low to $12.03.
The pair is currently moving higher, and can correct further higher, but a sustained recovery seems well-limited. As we all know there is a monster barrier on the upside waiting for the ETH bulls to present offers. The stated barrier is at $12.10, which represents the range resistance, as highlighted in the last few analysis.
An initial resistance is at $12.03, which is the recent swing high, and then comes $12.10. It would be interesting to see if the ether buyers will fail once again to take the price above it.
The 2-hours chart of ETH/USD shows how the range is playing a major role. Both, sellers and buyers failed many times. As a result, the price is stuck in a tight range of $11.80-$12.10. I think we may soon witness swing moves due to yet another hard fork as announced this past week. Traders should trade carefully, and keep a watch on the news wires.