Key Highlights
Ether price struggled to clear the $10.60 resistance against the US Dollar, resulting in a downside reaction.
The ETH/USD pair formed a perfect double top pattern near $10.60, which ignited a bearish wave.
The pair broke a couple of important support levels on the hourly chart at $11.50 and $11.40.

Technically, the hourly chart indicators turned sharply into the bearish territory and look to extend downsides.

Ether Price Reversal in Play?

This week, I was hoping for Ether price to test the last swing high of $11.87 against the US Dollar. However, it looks like an intermediate resistance at $11.60 played a crucial role.

Ether Price Analysis Chart

There were two failures noted around $11.60, which resulted in a double top pattern formation on the hourly chart of ETH/USD. The pair moved down sharply, and broke the neckline support at $11.50.

The pair extended the losses, and cleared a couple of important supports on the way down. First, a bullish trend line at $11.52 was cleared. Second, the pair also broke another bullish trend line at $11.40.

Last, the price also showed no respect to the $11.30 support, and traded as low as $11.20. At the moment, it looks like the double top pattern is now complete, and the price might start consolidating losses.

An initial resistance on the upside resides at the 23.6% Fibonacci retracement level of the last decline from the $11.61 high to $11.20 low. Moreover, the broken trend line support at $11.40 might now act as a resistance.

Ethereum ETH/USD Forecast

When we look at the 2-hour chart of ETH/USD, the pair is currently attempting a close below a crucial bullish trend line support at $11.25.

If there is a close on the 2-hour chart below the highlighted trend line support, there are chances of additional declines in Ether price. If a break is avoided, the price could recover back towards $11.40.

Important Resistance Levels

$11.40 and $11.60

Important Support Levels

$11.20 and $11.00

Hourly RSI

The RSI technical indicator dipped below the 50 level, and heading south.

Hourly MACD

The MACD has moved sharply in the bearish zone, and looks poised to extend the slope.
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

Today ETH/USD Forecast: Consolidating Above $200
02-09-2017 ETH/USD Continues to Struggle Near Major Range Highs
02-08-2017 ETH/USD Forecast: Double Top Ignites Downside
02-07-2017 ETH/USD: Bullish Sequence Favors More Upside
   

Subscribe to our Newsletter

* indicates required
Email Address *
First Name
Last Name
Country
News Categories of Interest