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ETH/USD Short-term Bearish In Range

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether price ran through some offers during the past session against the US dollar, and it looks like ETH/USD may be eyeing short-term bearishness.

Key Highlights

Ether price continued its struggle to gain momentum above 10.00 against the US Dollar, resulting in a minor downside move.
The ETH/USD pair broke a contracting triangle on the hourly chart at $9.70.
If the break is real, there are chances of a downside move back towards the $9.40 level.

Technically, the hourly chart indicators are about to move into the bearish territory.

Ether Price Hesitates, Short-term Losses Likely

It looks like Ether price is finding it very difficult to move past the $10.00 resistance area against the US Dollar. It recently ran through offers near $9.80 and moved down.

Ether Price Analysis Chart

During the downside move, the ETH/USD pair broke a contracting triangle pattern on the hourly chart at $9.75, opening the doors for further losses. But, there was no major increase in selling pressure and momentum.

However, the price was able to go pass the 23.6% Fibonacci retracement level of the last wave from the $9.14 low to $10.00 high. If the highlighted break is real, there is a chance of ETH/USD accelerating the downside.

In that case, there can be a test of the 50% Fibonacci retracement level of the last wave from the $9.14 low to $10.00 high. In my view, the price remains range bound, and the recent break is only to ignite a short-term downside move towards the $9.50-9.40 support area.

The mentioned range is clearly visible on the 4-hour chart of ETH/USD. The pair mostly consolidated recently, and there was no major movement.

Ethereum ETH/USD

On the upside, there is a crucial resistance near $10.00. Also, there is a bearish trend line on the same chart, which is just above $10.00.

It looks like ranging moves may continue in the short term, but the price needs to make a move soon. If the $10.00 resistance keeps acting as a barrier for more gains, there can be an increase in selling pressure for a downside break.

Important Resistance Levels

$9.80 and $10.00

Important Support Levels

$9.50 and $9.40

Hourly RSI

The RSI technical indicator is positioned near the 50 level with a flat structure.

Hourly MACD

The MACD has just moved in the bearish slope, but there is no 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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