Key Highlights
Ethereum price after a deadly fall during the past 48 hours against the US Dollar started to calm down.
ETH/USD after trading as low as $10.19 found buyers and recovered by more than $2.
On the upside, the $14.00 level can be considered as an important resistance for a recovery in the near term.

Ether price stabilizing as the trading volumes decreased during the past few hours. Is this a sign that sellers are done for now selling ETH?

Ether Price To Recover?

In yesterday’s analysis, I mentioned that the ETH/USD pair may be heading towards the $10.00 support area. It recently traded towards the mentioned level, but there was no full test of $10.00, as the price traded as low as $10.19.

Ethereum Price Weekly Analysis

ETH/USD started recovering and currently showing a few positive signs on a lower time frame chart like the last 24-hours chart. There was a minor bearish trend line formed on the chart, which was broken during the recent upside move.

The price recovered by around $2, but it won’t be easy for the ETH bulls to take it higher in the short term. The downtrend is far from over, and the bearish sentiment is still intact. It’s just that the price may be able to correct a few more points moving ahead if the trading volumes remain stable.

Ethereum Price Weekly Analysis 7D

On the upside, there is a monster resistance zone around $14.00. I mentioned yesterday as well that the stated level represents a major hurdle for a recovery. The yellow lines plotted on the last 7-days chart of ETH/USD points the importance of the resistance area. It also represents the 38.2% Fib retracement level of the recent drop from the $21 high to $10.20 low.

Even if we look at the last 2-weeks chart, then the same resistance area is visible and plotted with a red line. I think if the price continues to move up, then the $14.00 may act as a major barrier for the bulls, and can be considered as a sell zone with a stop of not more than 1-2 points.

Ethereum Price Weekly Analysis 2W

On the downside, the most important support area is at $10.00. A break below it won’t be good at all for Ethereum price in the near term.

Important Resistance Level

$14.00

Important Support Level

$10.00

Hourly RSI

The RSI is still below the 50 level, suggesting the price is in a down trend.

Hourly MACD

The MACD is slowly stabilizing, which is a good initial sign of a recovery.
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

07-26-2017 ETH/USD Forecast: Ether Plunge Into Support
06-20-2016 Ether Price Downside Thrust Underway Before Correction?
06-19-2016 Ether Price Weekly Analysis – ETH Stabilizing, Volumes Decrease
06-18-2016 Can Ether Price Recover After DAO Hack Losses?
   

Subscribe to our Newsletter

* indicates required
Email Address *
First Name
Last Name
Country
News Categories of Interest