- 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.
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
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