Technically, the hourly chart has a Doji pattern, which means the price may trade lower.

ETH/USD Made A Top?

Ether price recently started a recovery, but it looks like it wasn’t a real one. The ETH/USD pair found strong resistance near $11.40-50 against the US Dollar, and moved below the $11.00 handle. Similarly, the ETH/BTC pair faced a lot of bearish pressure, and declined.

Ether Price Analysis Chart

Yesterday, I highlighted a bullish trend line on the hourly chart of ETH/USD, and was hoping for it to act as a support. The pair failed to remain above it, and traded below it. There was also a move below the 38.2% Fibonacci retracement level of the last wave from the $9.67 to $11.42 high.

So, there is a chance that the pair may test the 50% Fibonacci retracement level of the same wave around $10.50. The mentioned support area is very important in the short term, as it was a resistance earlier (as shown in the chart), and now may provide help to the Ether buyers.

Ethereum ETHUSD Forecast Chart

Let’s see how the $10.50 support behaves, and if sellers succeed in breaking it, then we can say safely say the price made a short-term top. In that situation, the bearish trend may resume.

When we look at the 4-hours chart of ETH/USD, a critical rejection near the $11.40-50 resistance is visible. If the highlighted resistance zone continues to act as a barrier, there is a possibility of Ether price breaking the recently formed recovery pattern.

Important Resistance Levels
$11.00 and $11.40
Important Support Levels
$10.50 and $10.20
Hourly RSI
The RSI technical indicator is testing the neutral level, and testing buyers’ strength.
Hourly MACD
The MACD is slowly losing momentum, and may soon move into the bearish slope.
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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
11-02-2016 Ether Price Continues To Probe $11.25
11-01-2016 Ether Price Drifting Lower Once Again
10-31-2016 Is This ETH/USD Recovery Real?
   

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