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The price of Ether consolidated in a narrow range compared to the US dollar and bitcoin. ETH / USD is likely to prepare for the next move either above $ 132.00 or under $ 120.00.
Key points
The price of Ether has been traded in a range higher than the support of $ 124.00 compared to the US dollar.
The main resistances are formed near $ 130.00, $ 132.00 and $ 140.00 on the 6-hour chart of Eth / USD.
ETH / BTC could recover if buyers can push the price above 0.0350BTC and 0.0355BTC.
Technically, hourly charts are currently below the middle lines in the bearish territory.
Price analysis of the ether
After trading at $ 120.08, ETH began to consolidate losses. The pair may soon make the next move above the $ 130.00 and $ 132.00 resistances or below the $ 120.00 support area.
Similarly, ETH / BTC trades in a narrow range below the 0.0250BTC pivot level. If the purchasers of Ether are able to push the price above the resistances 0.0350BTC and 0.0355BTC, there could be a short-term recovery.
The hourly chart of ETH / USD clearly indicates a consolidation pattern over the minimum swing of $ 123.08. At the top, there is a downtrend line, with a resistance at $ 127.00. Buyers have to gain strength above the trend line, $ 130.00, and the Fibonacci retracement level of 23.6 percent of the decline from $ 152.95 up to $ 123.08 below to start a decent recovery.
Conversely, if there is a bearish break below the support of $ 124.00 and the minimum of $ 123.08, the price may resume the bearish moves and break the $ 120.00 support in the near term.
Turning to the 6-hour chart of Eth / USD, there is a rising trend line that is forming, with support for $ 124.00. If Ether were to fall below trendline support, the price could drop to the last minimum of $ 114.71.
On the upside, there are many obstacles for Ether buyers, starting at $ 130.00 and $ 132.00. Most likely a closing above the $ 132.00 barrier will open the doors for a broader recovery towards the next set of resistances at $ 140.00 and $ 142.00.
In the short term, ETH could continue to negotiate in the $ 124.00-130.00 range before the next key break at $ 140.00 or below $ 120.00.
Important resistance levels
$ 130.00 and $ 132.00
Important support levels
$ 124.00 and $ 116.00
RSI timetable
The RSI is slowly moving towards level 50, with a flat structure.
MACD time
The MACD is about to enter the bullish zone.
Aayush spent over seven years as a contributor and observer of the financial markets. He specialized in market strategies and technical analysis. It strives to provide entertaining and informative analyzes on the currency and commodity markets. He is a software engineer by profession and loves blogs.
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