- ETH price mostly traded in a range versus the US Dollar during the past few sessions.
- There is a contracting triangle pattern forming on the hourly chart (data feed via SimpleFX) of ETH/USD, which may provide us a break soon.
- As long as the price is above the 100 hourly simple moving average, the chances of an upside break are high.
Ethereum price is currently trading in a range against the US Dollar, but with a positive tone and approaching a break soon.
Ethereum Price Resistance
Ethereum price after trading as high as $13.32 against the US Dollar started correcting lower. The correction extended too far as the price tested the 50% Fib retracement level of the wave from the $12.65 low to $13.32 high. However, the price is now stable, and trading in a range. It is finding bids near the stated fib level along with the 100 hourly simple moving average.
There is a contracting triangle pattern forming on the hourly chart (data feed via SimpleFX) of ETH/USD. It is a major breakout pattern forming, and may provide us the next move in the short term. On the upside, the triangle resistance trend line is acting as a major hurdle for the buyers. They failed to break it on more than two occasions.
If at all they succeed in breaking it, then there is a chance of a move towards the last swing high of $13.32. The price may even form a new high in that situation if buyers stay in control. On the flip side, a break below the triangle support and the 100 hourly simple moving average may call for more losses. The 76.4% Fib retracement level of the wave from the $12.65 low to $13.32 high may be tested.
Hourly MACD – The MACD is mostly flat, but slightly in the bearish zone.
Hourly RSI – The RSI is just around the 50 level, waiting for a break.
Major Support Level – $12.95
Major Resistance Level – $13.15
Charts courtesy – SimpleFX
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