Ethereum Price Technical Analysis – ETH Relatively Muted

BitsPlan

Key Highlights

  • ETH price remained in a range, and there was no major move against the US Dollar.
  • There is a bullish trend line formed on the hourly chart (data feed via SimpleFX) of ETH/USD, which is currently acting as a support.
  • The price remains at a risk of a break in the short term if the buyers keep failing.

Ethereum price failed to make any major move versus the US Dollar, and remained in a range to post no new low or high.

Ethereum Price Range

Ethereum price recently traded near $11.91 where sellers appeared and pushed the price down versus the US Dollar. The ETH/USD pair is currently trading lower and moved below the 100 hourly simple moving average. However, there may be no break, as there is a bullish trend line formed on the hourly chart (data feed via SimpleFX) of ETH/USD. It may act as a support on the downside, and prevent any major losses in the short term.

The same trend line act as a buy zone earlier, and helped the pair in forming a 3-wave structure. The pair may be completing the mentioned wave structure soon, which may help the price in gaining traction. However, it may fail as

Read more ... source: NewsBTC USA

NO COMMENTS