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Ether Price Analysis
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ETH/USD Continues to Struggle Near Major Range Highs





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. 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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