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ETH/USD Struggles Into Bottom of Support Zone

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether price traded below yesterday’s low to form a new low against the US Dollar. ETH/USD is creating a perfect lower lows pattern, signaling a slow downtrend.

Key Highlights

Ether price looks like following a lower lows pattern against the US Dollar, as it traded to a new intraday low at $10.43.
There is a bearish trend line on the ETH/USD hourly chart with crucial resistance at $10.60.
The 6-hour chart suggests that the pair is reaching a connecting bullish trend line at $10.40.

Technically, the hourly chart indicators are extremely bearish with no sign of a recovery.

Ether Price Could Slide Below $10.40?

Yesterday, Ether price started to recover from the $10.46 low against the US Dollar, but faced resistance near $10.60-10.65. The ETH/USD pair struggled to clear the stated resistance and moved down.

Ether Price Analysis Chart

It looks like the pair is forming a lower lows pattern in which it is forming a new low in each wave and not able to break the last wave high when corrects higher.

The pair moved down, and formed a new low below $10.46 at $10.43. It is once again moving higher from the stated low. If the mentioned pattern is correct, then it is likely to face sellers around $10.60, and it won’t be able to break the recent high of $10.66.

There is a bearish trend line on the hourly chart of ETH/USD, which may stop the current wave near $10.58-10.60. And, if it moves down once again, there is a high chance of breaking $10.43 to form yet another new low.

Only if there is a break above the last swing high at $10.66 and the highlighted bearish trend line, the pair might overcome selling pressure in the short term.

Ethereum ETH/USD Forecast

When we move to the 6-hour chart of ETH/USD, there is a clear resistance trend line, which is currently acting as a catalyst for the downside move. On the other hand, there is a connecting bullish trend line with support at $10.40.

So, if the pair continues to dip lower, the trend line support at $10.40 might protect further losses. The chart also highlights how important $10.40-10.60 area is. It acted as a pivot zone on many occasions.

Important Resistance Levels

$10.60 and $10.65

Important Support Levels

$10.40 and $10.20

6-hour RSI

The RSI technical indicator is just holding above the 50 level, suggesting confluence.

6-hour MACD

The MACD is slightly in the bearish zone with no major 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

ETHNews is commited to its Editorial Policy

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