Ether Price Started Yet Another Consolidation
|Ether price remained above the $12.00 support area against the US Dollar with no major moves.|
|The ETH/USD pair looks like started a consolidation, and trading in a range before the next move.|
|There is a short-term upside break noted on the 30-min chart, signaling a positive bias.|
Technically, the hourly chart indicators are mostly flat, but with slight north movements.
ETH/USD Important Support
Yesterday, I mentioned that there is a chance of a new low in Ether price versus the US Dollar, and highlighted why the $12.00 support holds a lot of value. There was a minor dip in the ETH/USD pair, but the stated support area acted as a perfect barrier for sellers.
There was a nice rejection at $12.04, pushing the price back higher. During the recent upside move, the price managed to break a minor bearish trend line formed on the 30-min chart of ETH/USD. However, the pair found offers near the 50% Fibonacci retracement level of the last decline from the $12.28 high to $12.04 low.
At the moment, the pair is moving down, but finding support near a bullish trend line formed on the same chart. One key aspect to note is that the pair is now above the $12.10 resistance area. It means there is a chance of further gains if the Ether buyers remain in action.
However, one must not hope for any major gains, as the upside may be limited. Looking at the 2-hours chart of ETH/USD, there is a clear consolidation pattern formed. On the downside, there is the all-important $12.00 support area, and on the upside, $12.25 seems to be a hurdle for buyers.
As long as the price is consolidating, we may witness range moves. Once there is a break, the price may gain momentum. In my view, the chances of an upside move are more as long as ETH/USD is above $12.00.