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ETH/USD Relatively Muted With Support Near $10.00

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether price is slightly bearish against the US Dollar, but the ETH/USD is still above the all-important $10.00 support area.

Key Highlights

Ether price moved down a few points during the past two sessions against the US Dollar to challenge the $10.20 support.
The ETH/USD pair cleared a short-term bullish trend line formed on the hourly chart at $10.50.
The pair remains above a major support area of $10.00, which holds the key going forward.

Technically, the 4-hour chart indicators remain in the bullish territory with no sign of a major decline.

Ether Price Forecast

The ETH/USD pair declined in quiet trading, with the market being relatively muted. It looks like there is a short-term bearish pressure on Ether price, pushing it towards a couple of important support levels.

Ether Price Analysis Chart

There was a slight downside move in ETH/USD recently, as there was a break below a short-term bullish trend line formed on the hourly chart at $10.50. The pair moved down, and tested the $10.20 support area.

The stated support area also represents the 50% Fibonacci retracement level of the last leg up from the $9.52 low to $10.85 high. So, there were strong bids, avoiding a close below $10.20.

However, the recent break looks real, and may ignite a downside move towards $10.00 in ETH/USD, which is a crucial support area. Any major downsides are very unlikely since there are no signs of a trend change on higher timeframe charts.

The 4-hour chart of ETH/USD clearly shows how the pair is well-supported on the downside. There is a bullish trend line on the same chart, acting as a barrier for a bearish break. As long as the pair is above the trend line, it may bounce back towards $10.60.

Ethereum ETH/USD Chart

The only concern I have is the last three candles on the H4 chart. They suggest that the price is struggling to gain momentum. In such cases, there are possibilities of a downside break. So, we need to be very careful and keep a watch on the $10.00 support.

Important Resistance Levels

$10.60 and $10.80

Important Support Levels

$10.20 and $10.00

Hourly RSI

The RSI technical indicator is still above the 50 level with flat structure.

Hourly MACD

The MACD has just moved into the bearish slope, but with no real momentum.

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

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