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ETH/USD Rally Faded Soon, Eyes Support

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether price moved above the $10.55 resistance against the US Dollar, but failed completely near $10.70, igniting a downside reaction.

Key Highlights

Ether price spiked higher against the US Dollar, and traded as high as $10.70 before turning down.
There were a couple of bullish breaks on the hourly chart of ETH/USD like a bearish trend line and $10.55 resistance.
The 4-hour chart has a rejection candle near $10.70, but the price is currently finding support around $10.55.

Technically, the hourly chart indicators turned bullish, but later lost momentum.

Ether Price Forecast

Yesterday, we saw how Ether price was facing resistance near $10.55 against the US Dollar, and highlighted the possibility of a spike higher above $10.60.

Ether Price Analysis Chart

The price did move higher, cleared a couple of hurdles during the upside move. The main was $10.55-10.60 resistance and a bearish trend line on the hourly chart of ETH/USD.

There was also a move above the 23% Fibonacci retracement level of the last decline from the $11.00 high to $10.41 low. The price later moved close to the 1.236 extension of the last decline from the $10.66 high to $10.41 low.

The upside move found resistance near $10.70, which acted like a strong barrier and pushed the price down. ETH/USD corrected below the 38.2% Fibonacci retracement level of the last leg from the $10.41 low to $10.70 high.

However, the $10.55 support came into the picture, and prevented any further losses. The pair is now back above the stated level, and attempting to move higher.

On the other hand, the 4-hour chart of ETH/USD signals caution. The last candle around $10.70 seems to be a rejection signal. It looks like a shooting star candle, which means the price was rejected near $10.70, and could move down further.

Ethereum ETH/USD Chart

However, the $10.55-10.50 support holds the key. As long as the price stays above the stated support area, there is a chance of a push higher back towards $10.70.

Overall, the recent break is not convincing, but highlights a few positive signs for buyers in the near term.

Important Resistance Levels

$10.70 and $11.00

Important Support Levels

$10.55 and $10.50

4-hour RSI

The RSI technical indicator is still below the 50 level, but heading north.

4-hour MACD

The MACD has just moved into the bullish slope.

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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