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Ether Price Resistance Turned Support

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether price lost most of its gains against the US Dollar and traded back towards the $12.80 support area where the ETH bulls appeared.

Key Highlights

Ethereum price moved down during the past few hours against the US Dollar, and currently trading near a support area which was a resistance earlier.
As highlighted yesterday $12.50/80 levels hold a lot of importance, and currently protecting a downside move.
ETH may consolidate for some time before it decides the next move.

ETH/USD retraced most of the week’s bull run to the vicinity of the key barrier at $12.80, which may play a major role for the market sentiment in the near term.

Ether Price Forecast

The prevailing risk sentiment keeps weighing on the demand for Ethers, as sellers stepped in once again. Yesterday, I stated that the upside was stalled right at a major resistance and swing area, which could result in a correction.

ETH/USD did move down, and retraced more than 50% of its gains of the last leg from the $12.08 low to $15.75 high. The price is currently trading near a monster support area of $12.80/50, which I highlighted in yesterday’s post as well.

Ethereum Price Analysis Chart 7D

The above mentioned level was a resistance earlier, and now acting as a support area (as can be seen on the last 7-days chart of ETH/USD with a yellow line). There is also a bullish trend line on the same chart, which is acting as a hurdle for the bears.

In short, the price is currently near a major support area, and remains at a risk of a bounce in the near term. On the other hand, a break below it may call for more losses in ETH/USD.

Ethereum Price Analysis Chart

If we look at the last 24-hours chart, then there is a bearish trend line formed with resistance at $13.10/25 levels. A break above it may take the price higher towards $14.80.

On the downside, we need to keep a close eye on the $12.50/80 support area.

Important Resistance Level

$13.10-25

Important Support Level

$12.50-80

Hourly RSI

The RSI is below the 50 level, which means it won’t be easy for the bulls to take ETH higher.

Hourly MACD

The MACD may move to the bullish slope, suggesting a possible bounce.

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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