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Ether Price Sell Target Achieved, Now?

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether price declined intraday against BTC and USD, as there was an increase in the bearish pressure which resulted in a downside move.

Key Highlights

Ethereum price continued to move down vs Bitcoin and even traded below the 0.0240BTC support area.
Yesterday’s sell idea worked perfectly, as ETH/BTC not only tested 0.0240BTC, but also broke it.

ETH was a perfect sell, as highlighted in yesterday’s post. Moving ahead, caution is suggested, as there may be a recovery in ETH/BTC.

Ether Price Recovery Possible?

There was a sharp and continuous downside move in Ether price, as the ETH sellers were seen in control. Yesterday, I highlighted a bearish trend line on the past 24 hours, and was expecting it to act as a barrier.

Ethereum Price Analysis Chart

The trend line did act as a hurdle and pushed the price down. An initial target of 0.0240BTC was achieved, and the price even broke the stated level. At this moment, the price breached another bearish trend line on the past 24 hours, which may ignite a minor correction in ETH.

However, there is an important level, which we must pay attention at 0.0240BTC. As mentioned yesterday, it was a major support area, and now it can act as a resistance for ETH/BTC if it attempts to trade higher.

Ethereum Price Analysis Chart

Looking at a higher time frame chart, there is a support trend line forming on the last 7-day chart of ETH/BTC, which may ignite a minor recovery in the short term. There was a sharp decline in the trading volumes recently, but if we witness a rise, then ETH/BTC may trade a few points higher.

I think minor recovery is possible, but the ETH bulls must be careful, as there are not many signs of a larger recovery.

Intraday Resistance Level

0.0240BTC

Intraday Support Level

0.0235BTC

Hourly RSI

The RSI is still below the 50 level, which is not a good sign for the bulls looking to buy ETH/BTC in the near term.

Hourly MACD

The MACD may be moving to the bullish zone, which might call for a correction.

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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