Key Highlights
Ether price faced a minor bearish pressure against the US Dollar, and was seen trading lower towards $10.60-10.50.
There is a contracting triangle pattern formed on the ETH/USD hourly chart, which could spark a break soon.
The 4-hour chart suggests an increase in the bearish pressure with crucial support near $10.60-10.50.

Technically, the 20 simple moving average (hourly) has accelerated its downside move, signaling an increase in the bearish pressure.

Ether Price Approaching a Break

The ETH/USD pair extended its downside towards $10.50 recently, but pulled back from the level, easing towards the 10.70 region, overall maintaining the negative tone.

Ether Price Analysis Chart

The pair met selling interest around $10.80, and moved down. The hourly chart suggests that there is a contracting triangle pattern forming with resistance at $10.80 and support near $10.60.

It looks like the pair is approaching the $10.60-10.50 support area, which holds a lot of importance for the current trend. We can clearly see 3-4 rejections near the stated support area, and it might once again protect the ongoing downside move.

However, the chart also points an increase in the bearish pressure on ETH/USD. It means, the highlighted support area remains at risk. Below $10.50, the pair can extend losses, with the next supports at $10.20 and $10.00.

The 4-hour chart also indicates a tough time for the Ether buyers. There was a bullish trend line break recently, pushing the price in the bearish zone.

Ethereum ETH/USD Forecast

There is also a clear resistance trend line on the same chart with hurdles near $10.75 and $10.80. On the other hand, we cannot discard the significance of the $10.60-10.50 support. It also represents the 23.6% Fibonacci retracement level of the last wave up from the $9.14 low to $11.00 high.

So, it may continue to halt downsides, but if the bearish pressure increases further, it may finally give up. Overall, the near-term action remains bearish, and consolidation is likely as long as the price is above $10.50.

Important Resistance Levels

$10.80 and $11.00

Important Support Levels

$10.60 and $10.50

Hourly RSI

The RSI technical indicator dropped below the 50 level, and heading south.

Hourly MACD

The MACD has moved in the bearish zone with an increase in the momentum.
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

07-26-2017 ETH/USD Forecast: Ether Plunge Into Support
01-25-2017 ETH/USD Pressuring Support, Remains At Risk
01-24-2017 ETH/USD Hesitates With Rise In Bearish Pressure
01-23-2017 ETH/USD Forecast: Bullish, But Beware of $11.00
   

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