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ETH/USD Forecast: Light Trading Post Christmas

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether price faced sellers near $7.40 once again. It looks like thin trading post-Christmas is in play for ETH/USD and ETH/BTC.

Key Highlights

Ether price continued to face resistance near the $10.40 level against the US Dollar.
There is a major confluence resistance formed near $7.40, looking at the 4-hour chart of ETH/USD.
On the downside, the $7.10 support is intact, and may continue to act as a barrier for losses.

Technically, the indicators on the hourly chart suggests consolidation and range moves.

Ether Price Range Pattern and Resistance

There was no real move in Ether price during the past 24 hours against the US Dollar and Bitcoin. The price mostly trading in a range with a slight bearish tone.

Ether Price Analysis Chart

When we have a look at the hourly chart of ETH/USD, it looks like there is a range pattern forming. On the upside, the $7.40 level is acting as a major resistance and prevented upsides on more than three occasions.

On the downside, the $7.10 support just managed to hold losses. There was a break below the stated support once, but the pair quickly recovered.

However, the pair is continuously facing sellers near $7.40, which is acting as a hurdle for a push higher. We need to keep in mind that the $7.50 level is also a crucial resistance on the upside.

When we move on to the 4-hour chart of ETH/USD, there are two bearish trend lines formed. Both are acting as a resistance on the upside together and preventing gains. The interesting aspect is the fact that the trend lines are positioned near $7.40.

Ethereum ETH/USD Chart

Moreover, the same level represents the 23.6% Fibonacci retracement level of the last drop from the $7.98 high to $7.02 low. So, it looks like the $7.40 resistance is a critical barrier for buyers on the upside. As long as the price is below it, there can be another test of $7.10.

Only a successful H4 close above the highlighted resistance area could trigger additional gains in ETH/USD.

Important Resistance Levels

$7.40 and $7.50

Important Support Levels

$7.10 and $7.02

Hourly RSI

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

Hourly MACD

The MACD is just in the bullish zone and mostly flat.

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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