Technically, the hourly of ETH/USD is pointing a rejection pattern and signaling a downside move.

Ether Price Bearish Trend

Yesterday, I highlighted how there was a change in the trend for Ether price due to the EXP attack. The price started moving down, and traded as low as $11.99. Recently, there was a minor correction initiated from the lows since the $12.00 support area holds a lot of importance.

Ether Price Analysis

However, the stated correction could not last long. The price traded towards the 23.6% Fibonacci retracement level of the last decline from the $13.06 high to $11.99 low at $12.26 where it found sellers. The pair is currently moving down, and following a bearish trend line formed on the hourly chart.

The trend line is acting as a resistance for the price and preventing an upside break. As long as the price is below the highlighted resistance, there is a chance of it testing the all-important $12.00 handle once again. It would be interesting to see if the Ether buyers can protect the mentioned support one more time or not.

Ethereum ETH/USD Forecast Chart

No doubt, it won’t be easy for them, as there is an increase in bearish sentiment for the Ether not only against the US Dollar, but also versus the Bitcoin. More bearish signs are visible on the 4-hours chart of ETH/USD.

There was a rejection pattern formed near $12.25, which is pushing the price down. However, the ETH bulls must not lose hope, as there are heavy supports in the form of bullish trend lines on the downside. I agree it won’t be easy for the buyers to push the price higher, but at the same time sellers might also struggle to break the $12.00 handle.

Important Resistance Levels
$12.25 and $12.40
Important Support Levels
$12.00 and $11.80
Hourly RSI
The RSI technical indicator is well below the 50 level with no sign of a recovery.
Hourly MACD
The MACD is placed comfortably in the bearish zone, calling for more declines.
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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 Ether Price Continues To Tumble
10-22-2016 Ether Price Started Yet Another Consolidation
10-21-2016 ETH/USD Forecast – New Low Likely Before Recovery
10-20-2016 ETH/USD – EXP Attack Destroys Ether Bullish Trend
   

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