ETH/USD Still At Risk of Falling
|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.
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.
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.