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ETH/USD Continues to Struggle Near Major Range Highs

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether price bounced back after a strong decline towards $10.20 against the US Dollar, but $11.60 remains a major hurdle for ETH/USD on the upside.

Key Highlights

Ether price recovered after a strong decline from $11.60 to $11.20 against the US Dollar.
However, the price remains capped near the $11.50-11.60 resistance.
Continuous failure near the stated resistance might ignite yet another downside move in ETH/USD.

Technically, the 4-hours chart indicators look exhausted in the bullish territory, which can be a sign of concern.

Ether Price Recovery after Strong Downside Rejection

Yesterday, we saw a strong decline in Ether price from $11.60 against the US Dollar. It later found support near $11.20 and started a recovery.

Ether Price Analysis Chart

There was no close below the crucial bullish trend line support at $11.25 (as highlighted in yesterday’s post on the 2-hour chart). Since there was no close, the price was able to recover.

A higher high wave was initiated, as the price was able to clear the 50% Fibonacci retracement level of the last decline from the $11.61 high to $11.20 low. However, the $11.50-11.60 resistance area again came into action and prevented the upside move.

As it can be seen in the hourly chart of ETH/USD, the pair was rejected, and now trading near a bullish trend line with support at $11.38. It looks like the price may consolidate for some time before it can attempt another upside break.

Ethereum ETH/USD Forecast

It needs to clear the recent high to set the pace for further gains. The 4-hour chart clearly highlights how important the $11.60 resistance is turning out to be. There were 4-5 failures so far, and it looks like an upside break won’t be easy.

On the downside, the pair is finding support near a bullish trend line at $11.25-11.30. The last candle on the chart is a strong bearish signal, but the highlighted trend line support holds the key. Overall, it looks like on the upside, $11.60 is important, and on the downside $11.20.

Important Resistance Levels

$11.50 and $11.60

Important Support Levels

$11.35 and $11.20

Hourly RSI

The RSI technical indicator is above the 50 level, but losing momentum.

4-hour MACD

The MACD is just managing to stay in the bullish zone.

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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