ETH/USD Weekly Forecast – Bearish Sentiment Leads
|Ether price nosedived this past week against the US Dollar, and Bitcoin to remain in the bearish territory.|
|The ETH/USD pair after trading lower found support near $12.00, and currently trading in a range.|
|The 12-hours chart of ETH/USD points a monster ascending channel pattern, which is currently holding the downside move.|
Technically, the 2-hours chart is signaling a clear consolidation pattern for the next move.
Ether Price Testing Support
Let us start analyzing with the 12-chart of ETH/USD. This past week was somehow important for Ether price, especially against the US Dollar. We first saw how the price held the $11.60 support and climbed higher before finding sellers near $12.60.
It declined once again to test the $11.80 area, and similarly created a 5-wave structure. The best part is the fact that the price is currently trading inside a monster ascending channel pattern on the 12-hours chart. The highlighted pattern clearly suggests the importance of current $12.00 support.
The ETH/USD is currently in the 4th wave, and testing the channel support area. It holds a lot of significance, and very likely to produce a bounce in the near term. If there is a move higher from the channel support, then we may soon witness a new high above $12.80 to create a higher high.
It would also mean that the pair would complete the 5th wave to prepare the ride. In my view, it is a very interesting situation, and we may either witness a rally in ETH/USD or a sharp decline if there is a break of the channel support.
The price is currently consolidating above the channel support area. This also means the Ether may soon gain traction for a ride higher. The last three candles are signaling the same.
When we look at the 2-hours chart of ETH/USD, there is a clear range consolidation pattern visible. The price may continue to follow the highlighted range pattern before making the next move. In my opinion, as long as the channel support area holds, the price may move higher.