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Can ETH/USD Hold $10.50 Support?

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether price struggled to surpass $10.85 versus the USD, and moved down. Let’s see if ETH/USD can hold the $10.60-10.50 support or not.

Key Highlights

Ether price failed to hold the $10.70 support against the US Dollar, and moved down.
The ETH/USD pair is now below $10.70, and facing resistance on the upside near a bearish trend line on the 30-min chart.
The 2-hour chart suggests that $10.60-10.50 support area holds a lot of value in the short term.

Technically, the 2-hour chart indicators turned south, and extended decline in the bearish territory.

Ether Price at Near-term Risk

There was a nice upside move in Ether price yesterday towards the $10.85 level against the US Dollar. However, the price later failed to hold gains, and moved down.

Ether Price Analysis Chart

The 30-min chart of ETH/USD shows that the pair attempted twice to break the $10.80-10.85 resistance area, but failed. It was a perfect case of a double top pattern, resulting in a downside move.

The pair moved down, broke the neckline support at $10.70 to extend losses. The decline was from $10.83 to $10.51 to complete the double top pattern. The pair found bids near $10.50, and started a recovery.

At the moment, it is facing resistance near a bearish trend line at $10.65, and moving down. The 50% Fibonacci retracement level of the last leg from the $10.51 low to $10.78 high is almost cleared, signaling further losses.

However, we cannot discard the $10.60-10.50 support just yet. It may continue to act as a major hurdle on the downside for more declines. The 2-hour chart of ETH/USD also highlights its importance.

Ethereum ETH/USD Chart

There was a clear rejection near $10.50 recently, and a bullish trend line is formed on the chart, which might act as a support near $10.60.

So, a downside break below $10.50 won’t be easy. If it continues to act as a support, there are chances of a bounce back in Ether price. In that scenario, a retest of $10.80 is possible.

Important Resistance Levels

$10.85 and $11.00

Important Support Levels

$10.60 and $10.50

2-hour RSI

The RSI technical indicator is just around the 50 level and moving south.

2-hour MACD

The MACD has moved into the bearish slope, but signaling a divergence.

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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