Key Highlights
Ethereum price as forecasted in yesterday’s post traded above the $20.0 level, but it failed to stay above it.
There were reports that DAO was under attack, and approximately 3.5 million ether were withdrawn from the smart contract.
ETH/USD price crashed and moved down by more than $5 to trade from to $21 to $16.

Ether buyers may be in a real pain if they bought ETH at a higher price, as ETH/USD moved down sharply during the past few hours.

Ether Price Reversal?

There were a few nasty moves in ETH noted during the past few hours. Earlier, the price continued to move higher and broke my yesterday’s highlighted target of $20.0. ETH/USD traded towards $21.0 where sellers appeared.

Ethereum Price Analysis Chart

Later, there were reports that DAO was under attack, which ignited a sharp downside move in almost all pairs of ETH like ETH/USD and ETH/BTC. ETH/USD simply collapsed, broke a major support area of $19.00 (as shown with a yellow line on the last 24 hours chart). It traded towards $16.00 as of writing, and it looks like there are chances of more losses in the short term.

The report highlighting that approximately 3.5 million ether were withdrawn from the smart contract got the attention of sellers, and suddenly there was a solid increase in trading volumes with sellers in control to push the price down.

Ethereum Price Analysis Chart 7D

Looking at the last 7-days chart of ETH/USD, there was a bullish trend line break during the downside move. If the price attempts to recover from the current levels, then the broken support of $19.00 may now act as a resistance.

I would suggest not to enter any buy trade at this point in ETH/USD and wait for the price to settle down.

Important Resistance Level

$19.00

Important Support Level

$15.00

Hourly RSI

The RSI sharply moved down below the 50 level, pointing towards the strength of the recent move in ETH.

Hourly MACD

The MACD is strongly placed in the bearish zone, which is a negative sign.
Disclaimer:
The content on ETHNews.com is provided for informational purposes only and it is not intended to be, and does not, constitute financial advice or any other advice. You should not rely on any ETHNews.com content to make an investment decision. ETHNews.com is not responsible for any investment decision made by you. You are responsible for your own investment research and investment decisions.

Ether Technical Analysis

Today Ether Price Uptrend At Risk?
06-18-2016 Can Ether Price Recover After DAO Hack Losses?
06-17-2016 Ether Price Failed Near $20.0 As DAO Hacked
06-16-2016 Ether Price Trend Overwhelmingly Bullish
   

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