ETH/USD Continues to Fail Near Range Resistance
|Ether price after a minor decline towards $8.00 against the US dollar started trading in a range.|
|The ETH/USD pair is currently facing a monster resistance near $8.30.|
|A channel pattern is formed on the hourly chart, which may provide us the next break in the short term.|
Technically, the hourly chart indicators are neutral at this moment, but may be turning south.
Ether price Range Trading
There were only ranging moves in Ether price from the last few sessions against the US Dollar. After a test of the $8.00 support area the price recovered and started consolidating in a range. The range pattern is clearly visible on the hourly chart of ETH/USD.
On the upside, the range resistance is near $8.30, and on the downside support lies at $8.00. The number of attempts to trade higher were more compared with the number of support tests.
It means, ETH/USD is trying its best to trade higher and break the range resistance area for further gains in the short term. The range resistance is also important, as it is just around the 38.2% Fibonacci retracement of the recent decline from the $8.70 high to $8.00 low.
A break above the highlighted resistance area might call for more gains. The next resistance could be around the 50% Fibonacci retracement of the recent decline from the $8.70 high to $8.00 low at $8.35.
When we have a look at the 4-hours chart of ETH/USD, the $8.80 resistance is visible. I mentioned in the last analysis as well that the stated resistance is a major hurdle on the upside for the Ether.
So, if there is a break above $8.25 and $8.35, the next major stop could be bear $8.80. On the downside, the $8.00 support holds the key.
We need to see how long the price may consolidate before moving in the next direction.