Ether price suffered heavy losses during the past 24 hours against the US Dollar and Bitcoin, and if there is NO respite, it may trade towards $10.00.
Ethereum price was hammered during the past 24 hours, as investors failed to digest DAO hack in which over $59 Million Ethers are stolen.
ETH/USD took a nasty dive, traded from $21.00 to $13.00, and looks very unstable at the time of writing.
ETH/USD broke a couple of important support levels, and looks poised to break a crucial support area of $13.80 as well.
Ether sellers might be enjoying the current feast, as ETH continued its slide due to the attack. Let’s see what can be the next stop in ETH/USD?
Ether Price Heading Towards $10.00?
ETH/USD pair continued to move down, and traded below a crucial support area of $15.00-$14.00, which ignited further pressure on the price. The attack in which DAO is drained of ethers to the unknown attacker’s ETH address pushed Ethereum price down by more than 40%, and it looks unstoppable at the moment.
If we look at the last 24 hours chart of ETH/USD, the price is in a downtrend, which is very strong and may continue. There is a bearish trend line formed (red color), acting as a barrier for a recovery. Moreover, there was a support trend line break (yellow color), which further pushed the price down.
All in all there is a lot of pressure on the ETH bulls at the moment, and their every attempt to stabilize the price failed. The 7-days chart of ETH/USD suggests that there is a monster support on the downside. However, there is hardly any chance of it holding losses.
So, ETH may continue its slide in the short term until a solution is found, and ETH/USD may even test $10.00 in the current market conditions.
Important Resistance Level
Important Support Level
The RSI is in the extreme oversold area, but it will not be easy for the price to recover in such conditions.
The MACD is strongly bearish, showing no signs of a recovery.
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 marketsETHNews is commited to its Editorial Policy
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