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

Read more ... source: NewsBTC USA

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