Technically, the hourly chart suggests a break, and suggesting a further correction in Ether price.

ETH/USD Correction and Support

There were reports that Ethereum Network faced computational DDoS Attack, which increased pressure on Ether buyers. There was a downside move in Ether price against the US Dollar and Bitcoin. ETH/USD broke a couple of important support levels to open the doors for more declines.

Ether Price Analysis Technical Chart

On the other hand, there was another news, which impacted the market sentiment. OPEC agreed to curb oil output to 32.5-33 million bpd, which caused a stir in the oil and other commodities. It impacted the market sentiment to a certain extent, and also effected the cryptocurrencies like Bitcoin and Ether.

Looking at the technical front, there was a bullish trend line on the hourly chart of ETH/USD, which was broken during the recent move. Moreover, the pair also cleared the 38.2% Fibonacci retracement level of the last wave from the $12.83 low to $13.36.

ETH/USD Pair Analysis Ethereum

It looks like the price may not hold the $13.10 support and could trade towards $13.00 at least. It is where the Ether bulls may appear and attempt to protect the downside move. When we look at the 4-hours chart, the price made a topping pattern at $13.36.

So, there is a chance of further declines. In that situation, the highlighted support area at $12.50 may come into the picture. In my view, the short-term bias may turn to bearish, but in the medium term, ETH/USD remains supported.

Important Resistance Levels
$13.20 and $13.35
Important Support Levels
$13.00 and $12.80
Hourly RSI
The RSI technical indicator has also moved below the 50 level, suggesting that buyers lost control.
Hourly MACD
The MACD is now in the bearish zone, and gaining momentum.
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The content on ETHNews.com 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 ETHNews.com content to make an investment decision. ETHNews.com 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 Declining Streak Likely To Continue
09-30-2016 ETH/USD Forecast – Ether Forming Bullish Set-Up?
09-29-2016 Ether Price Pullbacks Likely To Be Shallow
09-28-2016 Ether Price Sighting Further Upsides
   

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