Ether Price Struggles Into Bottom of Support Zone
|Ether price was seen under a bearish pressure today against the US Dollar.|
|The ETH/USD pair is currently trading near the $12.00 support, and sellers attempting a break.|
|A break below the mentioned support area may trigger a downside move in the short term.|
Technically, the 30-min chart is pointing a short-term bearish breakout pattern.
ETH/USD in Trouble
It looks like it is a bad start for the Ether this week against the US Dollar and Bitcoin. Both ETH/USD and ETH/BTC pairs were seen under a bearish pressure this morning. The ETH/USD pair traded with a negative tone, and tested the $12.00 support area.
The pair is currently struggling into the bottom of the support zone, and remains at a risk of a breakdown. When we have a look at the 30-min chart of the ETH/USD pair, there is a bearish trend line on the upside, and the $12.00 support on the downside.
Since the stated support area acted as a barrier for sellers many times, there is a contracting triangle forming. The price is currently trading near the triangle support trend line, and it looks like the Ether buyers are finding it hard to protect a downside break.
They must protect it, else there is a huge risk of a sharp decline in ETH/USD. The next support in that case may be around $11.80. However, once there is a break and close below the $12.00 support, it would be very difficult for the ETH price to climb back higher.
The 2-hours chart of ETH/USD also shows that the long formed range consolidation pattern is at risk. Either we will soon witness a bounce from the $12.00 support or a break below it for a move towards the next support zone. Buyers must trade carefully, as the market sentiment is not bullish at the moment for the Ether.