Ethereum Price Technical Analysis – Annoying Range Trading

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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
Read more ... source: NewsBTC USA

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