Technically, the indicators on the 2-hours suggest a crucial break, which may ignite further losses.

ETH/USD to Decline Further?

The recent trading sessions were volatile as the US presidential election results were out – Donald Trump won. This came as a surprise to many traders, causing market uncertainty and impacting Ether negatively. The price dropped suddenly against the US Dollar and Bitcoin.

Ether Price Analysis Chart

ETH/USD broke the $10.80 support area and ETH/BTC moved below 0.0150BTC. Let us look at the 30-min chart of ETH/USD. There was a clear break below the all-important $10.80 support area for a move towards $10.25.

The stated support area break was crucial, as it has cleared the way for more declines in the short term. The price is recovering at the moment, but may resistance offers on the upside. The same broken support at $10.80 might now act as a resistance.

Ethereum ETH/USD Forecast Chart

It also coincides with the 50% Fibonacci retracement level of the last decline from the $11.28 high to $10.25 low. So, any major correction from the current levels could face hurdle near $10.80. On the optimistic side, we say that the recent break may be a false move, considering there was high-impact news influencing the price.

The 2-hours chart of ETH/USD suggests the same story. The highlighted range pattern was broken, resulting in a downside move. The next monster support on the downside is at $10.00, which holds the key in the long term.

Important Resistance Levels
$10.80 and $11.00
Important Support Levels
$10.25 and $10.00
2-hours RSI
The RSI technical indicator is now below the 50 level, signaling more losses.
2-hours MACD
The MACD has turned sharply towards the bearish slope.
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 ETH/USD Declining Streak Likely To Continue
11-10-2016 ETH/USD Forecast: Is This A Major Break?
11-09-2016 Ether Price Reacts To Presidential Election Results
11-08-2016 ETH/USD: A Look at the Daily Chart
   

Subscribe to our Newsletter

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