Ethereum Price Technical Analysis – ETH/USD Prepares For Ride

Key Highlights

  • ETH price after moving towards the $11.20 level against the US dollar found resistance.
  • The price moved down, and broke a bullish trend line on the hourly chart of ETH/USD (data feed via SimpleFX) at $11.10.
  • However, there was no major downside move, as the price continues to consolidate above the $11.00 support.

Ethereum price started a consolidation phase against the US Dollar with resistance at $11.20, and ETH/USD might be preparing for a ride soon.

Ethereum Price Consolidation

After a nasty decline towards $10.25, ETH price recovered well against the US Dollar. It moved back above the $11.00 resistance, which is now acting as a support for buyers. The price recently traded as high as $11.21 where it found resistance and moved down. However, the downside move was not strong with support at $11.00. During the downside move, the price broke a bullish trend line on the hourly chart of ETH/USD (data feed via SimpleFX) at $11.10.

This is not a good signal, but since there was no major decline, it can be ignored. The price later started consolidating in a range above the $11.00 support. On the upside, the $11.20 level is acting as a resistance, and preventing gains. There were

Read more ... source: NewsBTC USA

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