November 8, 2016 10:20 AM
Ether price daily chart versus the USD suggests that it is consolidating losses above $10.00, and struggling to break the $11.25-60 resistance area.
Ether price remained confined in a range on the lower timeframe charts against the US Dollar.
The daily chart of ETH/USD suggests that the pair is consolidating above a major support area.
On the upside, there is a bearish trend line, acting as a resistance on the daily chart.
Technically, the indicators on the D1 chart highlights a bearish bias with indicators staying north.
Ether Price Struggle to Trade Higher
We continuously saw how Ether price traded in a range against the US Dollar, and failed to make any major move. All-important lower timeframe charts either suggest a ranging pattern or points towards a break.
Today, let us look at the daily chart of ETH/USD to get a better idea how the pair may trade in the near term. Looking at the chart, there are a few things to note. First, the pair recently traded close to the $10.00 handle, which holds a lot of significance.
We can clearly see how the mentioned level acted as a monster support several times and pushed the price higher. The last rejection in ETH/USD was also around the same level. So, it increases the possibility of an upside move as long as the price is above $10.00.
On the upside, there is a bearish trend line formed on the daily chart. It is currently acting as a resistance, and preventing an upside move. Moreover, the 23.6% Fibonacci retracement level of the last decline from the $14.10 high to $9.80 low is also preventing a move higher.
So, we can say that the price is trading above a monster support area at $10.00, and facing sellers near $11.25-60. A break on either side might clear the way for the next move. The hourly chart of ETH/USD points how the pair is consolidating in a range and preparing for the most-awaited break.
Monthly Resistance Levels
$11.25 and $11.60
Monthly Support Levels
$10.20 and $10.00
The RSI technical indicator is below the 50 level with no real direction.
The MACD is stable, but not able to move into the bullish zone.
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 marketsETHNews is commited to its Editorial Policy
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