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ETH/USD Sellers Back In Town

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether was unable to attract buying interest resulting in a sharp downside move in ETH/USD.

Key Highlights

Ether price failed to close back above $18.60 against the US Dollar and moved down sharply.
The ETH/USD pair even broke yesterday’s low to form a new weekly low at $16.26.
It looks like Ether sellers are back in action, putting pressure on both ETH/USD and ETH/BTC.

Technically, the 4-hour chart indicators moved into the bearish territory after a long bullish stand.

Can Ether Price Bounce Back?

There was a lot of action during the past two sessions in Ether price, as it was seen struggling against both the US Dollar and Bitcoin. ETH/USD performed worst and moved below the $17.00 mark. On the other hand, ETH/BTC weakened by more than 5% and slipped below 0.0145BTC.

Yesterday, we discussed how Ether price was forming a short-term top, and remained at a risk of more losses. It continued to face offers lately, and was not able to settle above the $18.60 resistance.

Ether Price Analysis Chart

It resulted in a sharp downside move. The ETH/USD pair was down from $18.60 to well below $17.00 and formed a new weekly low at $16.26. It looks like a perfect 5-wave downside move. The pair is once again attempting a recovery just like yesterday, and facing resistance near $17.60.

There is a bearish trend line formed on the hourly chart with resistance near $17.60. It also coincides with the 61.8% Fibonacci retracement level of the last decline from the $18.60 high to $16.26 low.

It won’t be easy for Ether buyers to push the price above the trend line resistance at $17.60. If there is a failure, ETH/USD might move down and retest the $16.50 area.

Looking at the 4-hour chart, it looks like the price successfully closed below the $18.20-18.60 support area. The same area is now preventing gains and acting as a barrier.

Ethereum ETH/USD Forecast

Overall, the current price action suggests that Ether price might follow a bearish structure until there is a base formed. The most important support on the downside is $15.00, where buying interest could develop if the price extends the current downside.

A bounce back should not be discredited if there is a close above $17.60.

Important Resistance Levels

$17.60 and $18.00

Important Support Levels

$16.50 and $16.20

4-hour RSI

The RSI technical moved below the 50 level, positioned with a declining angle.

4-hour MACD

The 4-hour MACD moved into the bearish zone for the first time this week.

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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