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Ethereum Price Technical Analysis – Annoying Range Trading

Key Highlights

  • ETH price remained in a small range against the US Dollar, which is now annoying for investors.
  • There is a channel pattern formed on the hourly chart (data feed via SimpleFX) of ETH/USD, which may provide us a few moves in the near term.
  • A break above $11.60 is needed for the next move in the ETH/USD pair.

Ethereum price failed to gain momentum, and remained in a range. Let us see what may happen next and whether there can be any more or not.

Ethereum Price Breakout Pattern

Ethereum price declined a few points yesterday against the US Dollar, as the ETH bulls failed to gain pace and break a major resistance. The price is now in a minor downward streak, but mostly ranging. On the upside, an initial resistance is around the 23.6% Fib retracement level of the last drop from the $12.30 high to $11.36 low.

However, the most important point is that the price is now below the 100 hourly simple moving average. So, there are chances of another dip before we can see a recovery in ETH. There is also a descending channel pattern formed on the hourly chart (data feed via SimpleFX) of ETH/USD. The bulls need to break it along with the 100 hourly simple moving average to ignite an upside move. If there is a break, then the price could easily test the 50% Fib retracement level of the last drop from the $12.30 high to $11.36 low.

Ethereum Price Technical Analysis

I think as long as the price is in the channel, it may continue to slide. A break above it must for the Ether buyers to gain control.

Hourly MACD – The MACD is in the bearish zone, but there is hardly any momentum.

Hourly RSI – The RSI is also below the 50 level, but slowly steadying and may attempt to move higher.

Major Support Level – $11.40

Major Resistance Level – $11.60

Charts courtesy – SimpleFX

Disclaimer: The information contained herein is not guaranteed, does not purport to be comprehensive and is strictly for information purposes only. It should not be regarded as investment/trading advice. All the information is believed to come from reliable sources. NewsBTC does not warrant the accuracy, correctness, or completeness of information in its analysis and therefore will not be liable for any loss incurred.

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