ETH/USD Sub-$11.00 Battle Ongoing
|Ether price remained in a range pattern versus the US Dollar, and waiting for a catalyst for the next move.|
|It looks like ETH/USD is in accumulation mode before it makes the next big move.|
|On the upside, the $11.25 remains a monster resistance, as highlighted in the last few analysis.|
Technically, the indicators are completely flat, suggesting a long term consolidation pattern.
Ether Price Trading In Range
It looks like Ether does not want to make any move, as the price kept trading in a range against the US dollar. On the downside, the $10.70-80 area is acting as range support, and on the upside, the all-important $11.25 remains intact as a resistance.
The stated range pattern is clearly visible on the 30-min chart of ETH/USD with a few false spikes, which can be ignored. The pair kept moving inside the highlighted range and made no major move. It looks like Ether is waiting for a catalyst to make the next move.
When looking at the charts and indicators very carefully, the last 10 hours or so were negative for Ether price. There is a slight increase in the bearish momentum. We need to see whether the price can break the range support to trade further lower.
The 2-hours chart of ETH/USD is suggesting a breakout. The range is contracting in the form of a triangle. On the downside, there is an ascending trend line, so, we can say that the support is moving higher, and resistance is fixed.
Generally, such patterns pave way for an upside move once completed. However, there is so much going on in the market right now that it’s very hard to discard a downside break. If there is even a slight bad news/rumor, it may ignite a sharp move in ETH/USD.