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ETH/USD Trims Gains, Back To $10.00

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether price might have formed a short-term top near $11.87 against the US Dollar. Let’s see how far ETH/USD can go before attempting a bounce back.

Key Highlights

Ether price after a push towards the $12.00 handle against the US Dollar found resistance near $11.87.
The ETH/USD pair traded lower and broke a bullish trend line formed on the hourly chart.
The pair traded sharply lower to close below the $11.00 support and test the $9.20 area.

Technically, the 4-hour chart shows a major rejection just below $12.00 in ETH/USD.

Ether Price Failure Near $12.00

We recently saw how Ether price surged higher against the US Dollar and Bitcoin. ETH/USD in particular enjoyed good gains and traded higher by more than 30%.

Ether Price Analysis Chart

Yesterday, there was a move close to $12.00, as the price traded as high as $11.87. I highlighted a rejection pattern near the stated level, and mentioned that there is a chance of a short-term correction towards $11.00 or even $10.50.

The ETH/USD pair did move down, and broke a couple of important support levels to register a close below the $11.00 handle. It also pierced the 61.8% Fibonacci retracement level of the last leg from the $8.40 low to $11.87 high.

The downside move stopped just above the $9.00 level at $9.20. The price is currently moving back higher and positioned above the $10.00 support. An initial resistance is near the 50% Fibonacci retracement level of the last decline from the $11.87 high to $9.16 low.

If the Ether buyers manage to take the price back above the $10.80 level, there is a chance of the price retesting $11.80-$12.00. Looking at the 4-hour chart, there were two major bearish candles, suggesting a rejection pattern.

Ethereum ETH/USD Forecast

In my view, the $10.00 support holds a lot of importance. As long as the price is above it, and there is no daily close below it, there is a chance of ETH/USD regaining the bullish bias in the near term. If it fails to hold the $10.00 support, there can be a decline towards $9.00 or even $8.40.

Important Resistance Levels

$10.80 and $11.00

Important Support Levels

$10.20 and $10.00

Hourly RSI

The RSI technical indicator is just below the 50 level and heading north.

Hourly MACD

The MACD is attempting to move back in the bullish slope from bearish.

Aayush Jindal

Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession, loves blogging and observing financial markets

ETHNews is commited to its Editorial Policy

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