Technically, the indicators on the hourly chart looks exhausted and pointing towards a break going forward.

ETH/USD Heading Towards a Break

Yesterday, I highlighted a bearish trend line on the hourly chart of ETH/USD, and pointed out its importance. It continued to act as a resistance for more upsides, and stopped ETH gains on a couple of occasions.

Ethereum Ether Price Technical Analysis Chart

There were a few spikes, but the Ether buyers failed to overcome selling pressure near the trend line resistance. The last hourly candle clearly shows a rejection, which is a warning sign for bulls. If the trend line continues to act as a barrier, then the chances of a breakdown are very high.

On the downside, I pointed out a crucial support at $11.00-$10.80, which is still intact. However, the range between the trend line and stated support is shrinking, which may finally clear the way for the next move in ETH/USD.

Ether Price ETH Versus US dollar Trend

The pair is slowly and steadily grinding lower, and it is visible on the 12-hours chart as well. The last 4-5 candles (H12) are all bearish with a small body. There is also a bearish trend line on the same chart, acting as a resistance on the upside.

In my view, there may be a downside thrust to fill all buy orders before the price can recover. The price can even spike below the $10.80 support, but a daily close in that case would matter a lot. It should remain above $10.80 if it has to recover going forward.

Important Resistance Levels
$11.40 and $11.60
Important Support Levels
$11.00 and $10.80
Hourly RSI
The RSI technical indicator is struggling to close above the 50 level, which is a negative sign.
Hourly MACD
The MACD is placed in the bearish zone and pointing downside move.
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 Ether Price Started Yet Another Consolidation
08-17-2016 ETH/USD Forecast – Forming Base, Waiting For a Break
08-16-2016 Ether Price Continues to Probe Bearish Trend Line
08-15-2016 Ether Price Weakness To Start The Week

Subscribe to our Newsletter

* indicates required
Email Address *
First Name
Last Name
News Categories of Interest