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ETH/USD Still At Risk of Falling

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether's price struggle to break $11.40 against the US Dollar puts the ETH/USD pair at a risk of yet another decline.

Key Highlights

Ether price struggled on more than two occasions near $11.40 against the US Dollar, resulting in a decline.
The ETH/USD pair broke a bullish trend line on the 2-hour chart, which is an initial bearish sign.
The most important support at the moment that can prevent more declines is at $11.20.

Technically, the 2-hour chart indicators are slowly moving down, but still in the bullish territory.

Ether Price to Test $11.00?

There were mostly ranging moves in Ether price versus the US Dollar. However, the US Dollar started the week firm against its major rivals, resulting in a minor bearish pressure on ETH/USD.

Ether Price Analysis Chart

The 30-min chart shows that the pair remained capped near $11.40, and even after several attempts, there was no break. As a result, there was a downside move, and the pair fell to $11.20.

During the slide, the pair broke a bullish trend line at $11.32, and formed a nice bearish candle. However, the $11.20 support area is important, the pair succeeded in holding it, but the risk is far from over.

When we move on to the 2-hour chart of ETH/USD, there is a clear resistance visible at $11.35-11.40. A bearish trend line and the previous swing failures have formed a confluence resistance.

The pair is moving down, and currently attempting a close below a bullish trend line with support at $11.25. In my view, we should consider the $11.20 support as more valuable. A break below it could ignite further losses that may take the price towards $11.00.

Ethereum ETH/USD Forecast

A close below $11.20 would also mean a break of the 23.6% Fibonacci retracement level of the last wave from the $10.62 low to $11.41 high. In that case, a test of the 11.00 is possible.

On the upside, the $11.40 resistance holds the key. A close above it is needed to avoid any further declines.

Important Resistance Levels

$11.40 and $11.60

Important Support Levels

$11.20 and $11.00

2-hour RSI

The RSI technical indicator is also retreating and may soon test the neutral level at 50.

2-hour MACD

The MACD is heading modestly lower within the bullish territory.

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

ETHNews is commited to its Editorial Policy

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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.