Technically, the 4-hours chart indicators are reaching extreme levels, which may spark a correction.

ETH/USD: $10 Now Resistance

I kept highlighting the importance of the $10.00 support in ETH/USD, but it looks like the bearish pressure on Ether price did the trick. The price traded below the stated support and there was even a H4 close, signaling a crucial break.

Ether Price Analysis Chart

Looking at the hourly chart, there was a clear break below $10.00. The bearish trend line was able to protect the upside move and pushed the price down. A new low was formed at $9.86, and the price is just consolidating below $10.00 at the moment.

There is a very tiny range formed, and it looks like the price is preparing for another downside move. On the upside, the same support area at $10.00 may now act as a resistance and prevent gains. Moreover, the 23.6% Fib retracement level of the last decline from the $10.64 high to $9.86 low.

Even the 4-hours chart of ETH/USD is signaling a clear downtrend. The recent break was crucial, and may ignite further pressure. On the upside, there are a couple of bearish trend lines formed, which acted as a hurdle on many occasions.

Ethereum ETH to USD Forecast

The recent two H4 candles are tiny bullish, and may produce a bounce in Ether price. However, the highlighted trend lines may come into the picture in that case. In short, it looks like ETH/USD broke a monster support area, which may result in an increase in the bearish pressure.

Important Resistance Levels
$10.00 and $10.40
Important Support Levels
$9.80 and $9.60
4-hours RSI
The RSI technical indicator has reached extreme oversold area, which may ignite a minor recovery.
4-hours MACD
The MACD is strongly placed in the bearish zone, but looks exhausted.
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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
11-16-2016 Ether Price Signaling Start of Bullish Trend
11-15-2016 Ether Price Remains Vulnerable Below $10.00
11-14-2016 Ether Price To Break $10.00 Soon?
   

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