Technically, ETH/USD is currently recovering, but most charts highlight $10.00 as a monster resistance area.

ETH/USD - $10.00 as Resistance

The virtual currency exchange, Bitfinex reported yesterday that there was a security breach and around 119,756 btc was stolen. Almost all cryptocurrencies, including Bitcoin and Ether came under selling pressure and prices moved down.

Ether Price Analysis Chart Ethereum

ETH/USD jaw dropped and traded lower by more than 20% to establish a new weekly low of $7.88. The $8.00 support area acted as a major barrier for sellers and produced a bounce. The pair has started a correction wave, but it may not last long. There is a bearish trend line formed on the hourly chart having potential to defend the upside move.

Moreover, during the downside move, the pair settled below a couple of important support levels. The most critical support was $10.00. Now, if the pair retest the mentioned level, then sellers may appear to defend it. It is one of the key reasons I think Ether price may continue to sink.

Ether Price Analysis H4 Chart Ethereum

Looking at the 4-hours chart of ETH/USD, there is another bearish trend line waiting to act as a hurdle for the Ether buyers. The last closed candle is pretty bullish, but it’s hard to discard all other indicators pointing south.

As I mentioned, there may be an attempt to retake the $10.00 level. However, the chances of a failure are high, which may ignite a downside move yet again.

Important Resistance Levels
$10.00 and $10.40
Important Support Levels
$8.80 and $8.00
Hourly RSI
The RSI technical indicator bounced from the 20 level, but remains below the neutral level.
Hourly MACD
The MACD is sitting comfortably in the bearish zone, suggesting seller’s strength.
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Ether Technical Analysis

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08-02-2016 Ether Price Major Breakout Below $11.00

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