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Ether Price Analysis
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ETH/USD Still At Risk of Falling





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. 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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