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ETH/USD Hesitates With Rise In Bearish Pressure

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether met selling interest around the $10.80 level against the US Dollar, putting ETH/USD at risk of a downside move.

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.

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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