Ethereum Price Technical Analysis – ETH/USD Ranging Before Next Move

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Key Highlights

  • ETH price struggle to recover against the US Dollar and Bitcoin continued during the past 24 hours.
  • There is a bearish trend line formed on the hourly chart (data feed via SimpleFX) of ETH/USD, acting as a barrier for an upside move.
  • It looks like there is a range pattern formed with resistance at $9.60, and support at $9.30.

Ethereum price is currently trading in a range against the US Dollar, and once it breaks, it may ignite the next move in ETH/USD.

Ethereum Price to Decline Further?

There was no respite for ETH price over the weekend, as it remained under a bearish pressure against the US Dollar and Bitcoin. There was a slight decline in ETH/USD, and the pair almost tested the last swing low of $9.30. Looking at the charts, it looks like the pair is preparing for the next move, and currently trading in a range. There is a crucial bearish trend line formed on the hourly chart (data feed via SimpleFX) of ETH/USD.

The highlighted trend line may play a major role in the near term. There is also a range pattern with resistance at $9.60, and support at $9.30. The range resistance is near the

Read more ... source: NewsBTC USA

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