Technically, the 30-min chart indicators extended the negative slope and pointing further declines.

Ether Price Approaching Support Zone?

I am personally a bit surprised seeing Ether price down even after a successful 4th hard fork. Its means investors were not impressed much, resulting a decline in Ether price versus the US Dollar and Bitcoin.

Ether Price Analysis Chart

The ETH/USD pair failed to sustain move above the $10.00 level, and traded lower. It even broke the last major swing support of $9.80, and tested the $9.60 level.

If we look at the 30-min chart of ETH/USD, there is a bearish trend line formed, which is acting as a downside move catalyst. It is acting as a resistance and preventing an upside break. The pair also recently broke the $9.80-$9.75 support area, which is visible on the same chart.

It looks like there is a high possibility that the pair may continue with the current decline and trade towards the last swing low of $9.60, which may act as a support.

Ethereum ETH to USD Forecast

When we look at the 2-hours chart of ETH/USD, there was a break of the 61.8% Fibonacci retracement level of the recent wave from the $9.45 low to $10.24 high. However, the pair is now reaching a couple of important support levels (as highlighted in the chart) at $9.60 and $9.50.

The highlighted support levels must prevent the downside move. If Ether price fails to stay above $9.50, it may ignite further losses with a possibility of a decline towards $9.20.

Important Resistance Levels
$9.80 and $10.00
Important Support Levels
$9.60 and $9.50
2-hours RSI
The RSI technical indicator is well below the 50 level, and reaching oversold readings.
2-hours MACD
The MACD is extending the current bearish slope with no sign of a recovery.
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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 ETH/USD Declining Streak Likely To Continue
11-25-2016 ETH/USD: Consensus Bug Ignites Downside Break
11-24-2016 ETH/USD Failed To Sustain Probes above $10.00
11-23-2016 ETH/USD Forecast: Resistance Turned Support
   

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