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ETH/USD Pressuring Support, Remains At Risk

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether price struggle to move back higher continued against the US Dollar. Going forward, there are chances of ETH/USD weakening further below $10.50.

Key Highlights

Ether price extended its downside move against the US Dollar, and moved below the $10.60 support.
Yesterday’s contracting triangle pattern on the ETH/USD hourly chart was broken, and now the pair is following a descending channel.
The 4-hour chart is signaling an increase in the bearish pressure with a chance of close below $10.50.

Technically, the hourly chart indicators maintain a sharp bearish slope, signaling further declines.

Ether Price to Settle below $10.50

It looks like ETH/USD’s failure to beat strong resistance near $11.00 resulted in a downtrend. There was a rise in the bearish pressure yesterday, which later resulted in more declines in Ether price.

Ether Price Analysis Chart

The pair broke yesterday’s highlighted contracting triangle pattern on the hourly chart to initiate a downside move below $10.60. There was even a close below the stated support, resulting in sellers gaining momentum.

There is a descending channel pattern formed on the same chart with resistance near $10.60 and support at $10.50. At the moment, the price is pressuring the $10.50 support and looking for a close below it. If it succeeds, it may open the doors for further declines.

On the upside, the $10.60 level may now act as a resistance. There is also a bearish trend line with resistance near $10.70-10.72. Overall, the price remains at risk of additional losses in the short term.

Ethereum ETH/USD Forecast

The 4-hour chart of ETH/USD suggests that the price is heading lower. It has already moved below the 23.6% Fibonacci retracement level of the last wave up from the $9.14 low to $11.00 high, signaling the start of a downtrend.

If there is a 4-hour close below the $10.50 support, Ether price may face further declines. Below here is a warning to buyers. A bounce from $10.50 is also possible, but longs look risky considering the current market sentiment.

Important Resistance Levels

$10.60 and $10.70

Important Support Levels

$10.50 and $10.20

Hourly RSI

The RSI technical indicator is reaching oversold readings, but with no sign of a pullback.

Hourly MACD

The MACD extended the bearish slope, and looks set to extend it further.

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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