ETH/USD: A Look at the Daily Chart
|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.