Technically, the 4-horus chart indicators continue to head south, suggesting more declines.

Ether Price Support Now Resistance

There was a monster break in Ether price yesterday, as it cleared the all-important $10.00 support against the US Dollar. The downside move was accelerated and the price traded as low as $9.45.

Ether Price Analysis Chart

There is a base forming at $9.45 in ETH/USD, and the pair is currently attempting to correct higher. However, a recovery won’t be easy as there are many hurdles on the way up, waiting to prevent gains in Ether price.

An initial resistance on the hourly chart is a bearish trend line at $9.75. The stated level is also the 23.6% Fib retracement level of the last drop from the $10.35 to $9.45 low. The next resistance on the upside is just above $9.80.

The $9.80 resistance was a support earlier, and now it may act as a barrier for an upside move. When we look at the 4-hours chart of ETH/USD, there is a monster descending channel formed. It is currently acting as a downside move catalyst and taking the pair down slowly.

Ethereum ETH to USD Forecast

The channel support on the downside is around $9.50-40, and the resistance is at $10.00. It looks like the pair has formed a clear downtrend, which may continue until there is a change in the market sentiment for Ether. The upcoming 4th hard fork may play an important role, and could spark a lot of moves in ETH/USD and ETH/BTC.

So, one should trade carefully and plan accordingly.

Important Resistance Levels
$9.80 and $10.00
Important Support Levels
$9.50 and $9.40
4-hours RSI
The RSI technical indicator is well below the 50 level and heading south.
4-hours MACD
The MACD is comfortably placed in the bearish zone, and suggesting more losses.
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
11-20-2016 ETH/USD Weekly Forecast: Recovery or Fresh Lows?
11-19-2016 ETH/USD Downtrend Intact for This Reason
11-18-2016 ETH/USD Explodes Below $10.00 Support
   

Subscribe to our Newsletter

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