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Ether Price Correcting Higher, But Still Ranging

By

Aayush

Jindal

Guest AnalystETHNews.com

ETH/USD kept on testing highs and lows, and failed on many occasions to gain pace for a substantial move.

Key Highlights

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.

ETH/USD

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.

Ether Price Analysis Ethereum

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.

ETH/USD Forecast Chart

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.

Important Resistance Levels

$12.03 and $12.10

Important Support Levels

$11.85 and $11.80

30-min RSI

The RSI technical indicator remained above the 50 level, signaling a short-term bullish trend.

30-min MACD

The MACD is back in the bullish zone, but not with much momentum.

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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