Technically, the 12-hours suggests a channel formation with the pair testing support zone.

ETH/USD Trend Analysis

There was another attempt by Ether price to trade higher versus the US Dollar, but it failed to retain the traction. The price formed a higher low, and faced resistance near the $10.65-70 levels.

Ether Price Analysis Chart

Looking at the hourly chart, it is quite clear that there are many hurdles for the ETH/USD pair on the upside. First, there are two bearish trend lines coinciding at $10.60. Second, the previous support turned resistance at $10.75-80. Third, the 61.8% Fibonacci retracement level of the last decline from the $11.02 high to $10.24 low.

The last four hourly candles were bearish, and pointing towards the amount of bearish pressure on ETH/USD. Furthermore, the price is forming a higher-low pattern, which means there is a chance of a dip towards the last swing low of $10.24.

Ethereum ETH/USD Forecast Chart

When we look at the wave count, the price is currently in the 5th wave, having the potential of further losses. Let us look at a higher timeframe chart to know better. The 12-hours chart of ETH/USD is constructive, and there is a sideline channel pattern formed.

The pair is currently trading near the channel support area. So, there can be two possibilities. The price may break it for a move towards $10.00 or it can bounce and attempt to recover some ground. The chances of a downside move are more since the indicators are pretty bearish and not signaling any kind of recovery at the moment.

Important Resistance Levels
$10.65 and $10.80
Important Support Levels
$10.25 and $10.00
12-hours RSI
The RSI technical indicator is below the 50 level and pointing south.
12-hours MACD
The MACD is almost flat, but with slight bearish 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 Ether Price Continues To Tumble
11-12-2016 ETH/USD Trading Above a Crucial Support
11-11-2016 Can Ether Price Sustain Further Losses?
11-10-2016 ETH/USD Forecast: Is This A Major Break?
   

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