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ETH/USD Forecast: Limited Action and Consolidation

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether price has been trading lethargically within a tiny range for the past few sessions against the US Dollar, and it looks like the ETH/USD pair may continue to consolidate.

Key Highlights

Ether price made no major move during the past 24 hours against the US Dollar and Bitcoin.
There were mostly ranging moves in ETH/USD, as the pair failed to break higher.
There is a clear channel forming on the 2-hours chart of ETH/USD, signaling a consolidation pattern.

Technically, the 2-hours chart indicators are flat and pointing limited action.

Ether Price Analysis

After setting a monthly high at $8.89, ETH/USD mostly traded in a range. There were many attempts by the pair to move higher once again, but it failed to gain traction.

Ether Price Analysis Chart

There was a move towards $8.62 yesterday where the pair found sellers and started moving down. There is a bearish trend line formed on the 30-min chart, which is currently acting as a resistance and taking the pair down.

The price has already reached the 50% Fibonacci retracement of the recent wave from the $8.10 low to $8.62 high, which may act as a support. However, a major support is at $8.25. The next support on the downside is around the last swing low of $8.10.

So, if the ETH/USD pair continues to move down from the current levels, it may find bids around any of the highlighted support levels. When we move to the 2-hours chart, there is a clear range pattern visible.

The range support is near $8.00 and resistance around $8.80. It looks like the pair has been stagnent within the highlighted range, and may continue to consolidate.

Ethereum ETH/USD Forecast Chart

In my view, the recent price action suggests that the pair is consolidating the recent gains after getting rejected near $6.00. So, there is a chance of more ranging moves before the pair attempts to trade higher one more time.

Overall, if you are looking to trade at this moment, then consider buying dips near the range support and selling around the range resistance.

Important Resistance Levels

$8.40 and $8.80

Important Support Levels

$8.25 and $8.00

2-hours RSI

The RSI technical indicator is currently just below the 50 level with no real direction.

2-hours MACD

The MACD is almost flat, and signaling no major move.

Aayush Jindal

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 markets

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