Ethereum Price Technical Analysis – ETH/USD Remains Range Bound

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Key Highlights

  • ETH price after declining one more time against the US Dollar found support near $9.70.
  • There is a tiny bearish trend line formed on the hourly chart (data feed via SimpleFX) of ETH/USD, which must be breached for an upside move.
  • The price is also below the 100 hourly simple moving average, which is just below the trend line.

Ethereum price remained in a range starting yesterday against the US Dollar, and ETH/USD is waiting for a catalyst for the next move.

Ethereum Price Range

There was a recovery pattern seen in ETH price yesterday against the US Dollar and Bitcoin. However, it could not last long, as the price declined and tested the last swing low of $9.70. However, the ETH buyers managed to protect the downside move, and pushed the price back higher. The price also bounced from the 76.4% Fib retracement level of the decline from the $10.32 high to $9.44 low.

Currently, it looks like there is a range pattern formed on the hourly chart with support on the downside at $9.70, and many resistances on the way up. On the upside an initial resistance is around the 23.6% Fib retracement level of the decline from the $10.20 high

Read more ... source: NewsBTC USA

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