Ethereum Price Technical Analysis – ETH/USD Persistent Range

Key Highlights

• ETH price remained lifeless and was seen trading in a range above $12.50 against the US Dollar.
• There is a clear bearish trend line with resistance near $12.75-12.80 formed on the hourly chart of ETH/USD (data feed via SimpleFX).
• On the downside, the pair remains supported near $12.40, which is the range lower end.

Ethereum price was seen trading in a range with resistance at $12.80 against the US Dollar. Let’s see what’s stopping the ETH/USD pair.

Ethereum Price Range

During the past two days, there was almost no action in ETH price against the US Dollar. The price was seen trading in a range with resistance near $12.75 and $12.80. After trading as high as $13.24, the price started a correction, and traded towards $12.40. The price found support, and likely completed a correction. However, there no major move after that, and the price traded in a range.

The price is currently above the 23.6% Fib retracement level of the last decline from the $13.24 high to $12.42 low. It also traded towards $12.75-12.80 levels on a couple of occasions where it failed, and moved down. At the moment, the price is below the 38.2% Fib retracement level of the last decline from the $13.24 high to $12.42 low. There is no sign of a move in the short term. We need to see how long the price can trade in a range before breaking $12.80.

Also, a bearish trend line is formed on the hourly chart of ETH/USD (data feed via SimpleFX) with resistance near $12.75-12.80. So, a clear break above $12.80 might take the price higher in the near term.

Hourly MACD – The MACD is moving with a flat structure with no real direction.

Hourly RSI – The RSI is just moving up and down with no sign of a break in the short term.

Major Support Level – $12.40

Major Resistance Level – $12.80

 

Charts courtesy – SimpleFX

Disclaimer: The information contained herein is not guaranteed, does not purport to be comprehensive and is strictly for information purposes only. It should not be regarded as investment/trading advice. All the information is believed to come from reliable sources. NewsBTC does not warrant the accuracy, correctness, or completeness of information in its analysis and therefore will not be liable for any loss incurred.

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