Technically, the 2-hours chart points importance of the current support area, which must hold for now.

Ether Price Important Support Area

Yesterday, I highlighted how there was a chance in the trend for Ether price, and I was hoping for a move towards the $13.00 handle versus the US Dollar. However, there was an attack reported yesterday that was increasing block processing times on certain blocks.

Ethereum Ether Price Analysis

As we all know we just witnessed the hard fork to prevent DDoS attacks, and within a few days a second attack was reported. Although, it was EXP attack, it caught trader’s attention. As a result, there was a sharp downside move in both ETH/USD and ETH/BTC.

The ETH/USD pair declined from $12.60 to $12.00, where the Ether buyers just managed to protect the downside move. The stated level and $12.10 represents a major support area. As we all know, it was a crucial resistance earlier, and now it is no surprise that it is acting as a support.

Ethereum ETHUSD Forecast Chart

The price is currently correcting higher, but facing resistance in the form of a bearish trend line on the 30-min chart. The 23.6% Fibonacci retracement level of the last decline from the $12.75 high to $11.99 low is also positioned near it.

So, it won’t be easy for the Ether bulls to break it and ignite further recovery. However, the pair remains supported on the downside, as can be seen from the 2-hours chart. It shows how a bullish trend line and the $12.00 level is acting as a strong support. So, there is a chance that the price may recover further, but major gains seem unlikely.

Important Resistance Levels
$12.40 and $12.80
Important Support Levels
$12.00 and $11.80
2-hours RSI
The RSI technical indicator is now below the 50 level, pointing strength of the recent losses.
2-hours MACD
The MACD moved from the bullish to bearish zone, signaling a change in the trend.
Disclaimer:
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 Ether Price Continues To Tumble
10-21-2016 ETH/USD Forecast – New Low Likely Before Recovery
10-20-2016 ETH/USD – EXP Attack Destroys Ether Bullish Trend
10-19-2016 Ether Price Sets Eye On $13.00
   

Subscribe to our Newsletter

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