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Ether Price Analysis
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ETH/USD Forecast: Double Top Ignites Downside





Ether price reversed most of this week’s gains against the US Dollar due to failure near $11.60. ETH/USD may now attempt to move towards $11.00.

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.

Aayush Jindal

Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis. He strives to provide entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession and loves blogging.

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