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ETH/USD Extends Downside & Remains Vulnerable

By

Aayush

Jindal

Guest AnalystETHNews.com

The recent upside rejection and subsequent fall in Ether price might weigh on near-term action, and could ignite more downsides in ETH/USD.

Key Highlights

A downside break was noticed in Ether price below $12.50 against the US Dollar.
The 2-hour chart of ETH/USD highlights continuous failures, igniting a downside move towards $12.20.
The pair bounced back, but the broken support near $12.70 is now acting as a resistance.

Technically, the indicators moved in the bearish territory if we consider lower time frames.

Ether Finds Fresh Offers

Yesterday, we saw how there were continuous rejections near $12.90 in ETH/USD, a slight bearish tone in the hourly chart, and a couple of downside breaks.

Ether Price Analysis Chart

Today, the price extended the downside, and broke an important support area at $12.70-12.60. A new weekly low was formed at $12.19 from where a recovery was started. ETH/USD was able to jump back from the $12.20 support, and now trading near a short-term resistance.

Considering the 30-min chart, the pair made a nice recovery, but the broken support at $12.70 might act as a barrier for further upsides. The price is now above the 50% Fibonacci retracement level of the latest decline from the $12.88 high to $12.19 low.

It is a positive sign, but the price needs to settle back above $12.70 to avoid an increase in the bearish pressure. Until then, ETH/USD remains vulnerable and may dive one more time.

Looking at the 2-hour chart, the breakdown candle looks more like a false break. I am personally not convinced with the recent downside break. Technically, there are a few bearish signs, but they are not conclusive enough to call it a real break.

Ethereum ETH/USD Forecast

However, it can be considered as the start of a downside move. If the price fails to break the $12.70 resistance, it may move down to complete a 3-waves pattern. In that situation, we might witness a new low below $12.19.

On the other hand, if the price settles higher, then there can be a retest of $13.00 (the all-important range resistance).

Important Resistance Levels

$12.70 and $12.90

Important Support Levels

$12.50 and $12.20

2-Hour RSI

The RSI technical indicator is attempting to move back above the 50 level.

2-Hour MACD

The MACD after a dip in the bearish zone was seen recovering.

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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