Technically, there are mixed signals. A lower time frame chart (1-hour) suggest additional weakness. On the other hand, the 4-hours chart has a bullish pattern pointing towards more gains.

ETH/USD Downside Move

Yesterday (July 27), Ether price attempted to break an important resistance area of $13.20 against the US Dollar, but failed. There were two failures noted around the stated level, and a bearish trend line on the hourly chart acted as a barrier for more gains.

Ether Price Analysis Chart

As a result, the price moved down, and is currently trading below $12.80. There is a contracting triangle pattern formed on the hourly chart of ETH/USD, which may act as a catalyst for the next break.

Currently, the pair is trading near the triangle support area and getting bids. However, the last 4-5 candles are pointing additional weakness. So, there is a high possibility of price moving below the triangle support area. In that situation a test of the $12.00 support area is likely.

Ether Price Analysis Chart H4

The 4-hours chart of the ETH/USD pair is pointing to mixed signals. There is a bearish trend line, acting as a resistance on the upside. On the other hand, there is a hammer pattern, which is a bullish sign and called an upside move as highlighted in yesterday’s post as well.

In my view, there can be a downside break in ETH/USD today (July 28). A test of $12.00 is on the cards.

Important Resistance Levels
$12.80 and $13.20
Important Support Levels
$12.40 and $12.00
Hourly RSI
The RSI technical indicator is showing no signs of a recovery in ETH/USD.
Hourly MACD
The MACD is in the bearish slope, suggesting more losses.
The content on is provided for informational purposes only and it is not intended to be, and does not, constitute financial advice or any other advice. You should not rely on any content to make an investment decision. is not responsible for any investment decision made by you. You are responsible for your own investment research and investment decisions.

Ether Technical Analysis

Today ETH/USD – EXP Attack Destroys Ether Bullish Trend
07-29-2016 Ether Price Holding Range; Short-Term Outlook Negative
07-28-2016 ETH/USD Sells Off, Target Additional Weakness
07-27-2016 Ether Price Just Made A Short-Term Bottom?

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