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.
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

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