Technically, the 4-hours chart suggest an increase in the bearish momentum on the MACD.

ETH/USD Declining Streak

The recent declining streak in Ether price extended during the past 12 hours against the US Dollar and Bitcoin. The ETH/USD pair attempted to move higher once, but failed near $10.40, and similarly ETH/BTC was under heavy selling pressure.

Ether Price Analysis Chart

The hourly chart of ETH/USD points how the pair is continuously declining, and every correction faced resistance on the upside. A break below the $10.40 level boosted the downside move, and took the price towards the $10.00 handle.

There is a bearish trend line formed on the same chart, which is currently acting as a resistance and preventing an upside move. Now, we all know how important the $10.00 area is. So, there is now a bearish trend line at $10.15, and $10.00 on the downside as a support.

A break is very likely in the near term, and if ETH/USD clears trend line, the next resistance on the upside could be around $10.40. It was a support recently, and may act as a barrier for further gains.

Ethereum ETH to USD Forecast

On the downside, a break below $10.00 will worry me a bit, as it could put Ether price under a lot of selling pressure. The 4-hours chart of ETH/USD shows that the price recently closed below a major support area.

So, it largely increases the chances of a downside break. We need to keep a close eye on $10.00, as it may play a major role in the near term.

Important Resistance Levels
$10.40 and $10.80
Important Support Levels
$10.00 and $9.60
Hourly RSI
The RSI technical indicator is currently in the oversold area, so there can be a minor bounce.
Hourly MACD
The MACD is strongly placed in the bearish zone, and 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
11-15-2016 Ether Price Remains Vulnerable Below $10.00
11-14-2016 Ether Price To Break $10.00 Soon?
11-13-2016 ETH/USD Weekly Forecast: Downsides To Continue
   

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