Ether price was mostly ranging with a downside bias, but it looks like a slight improvement in global risk-appetite seems to dent the demand of ETH.
Ethereum price continued to consolidate against the US Dollar, but with a minor bearish sentiment.
Yesterday’s view of a minor downside move in the ETH/USD pair holds, as the price is slowly moving down.
As of writing the pair is losing 1.75% (24H change) at $13.71, and a break of $13.60 may call for a move towards $13.00.
The US dollar sees a relief against ETH, as ETH/USD slowly devaluated after failing multiple times near the $14.20 resistance area. More losses ahead?
Ether Price Downside Move
There was hardly any recovery in Ether price against the US Dollar, instead it was seen losing bids during the past 24 hours. ETH/USD broke a short-term support area of $13.75 to trade towards the $13.60 area.
Currently, there is a bearish trend line formed on the last 24-hours chart of ETH/USD, which is acting as a resistance. Moreover, the broken support area (yellow line) may now act as a hurdle for an upside move.
In short, we can say that the price is currently testing a resistance area. A failure to move above it could push ETH/USD down towards the $13.60 level. However, I still believe that there is a high probability of ETH/USD testing the $13.00-$12.80 support area in the near term.
The last 7-days chart also suggests that the price is facing a resistance on the upside. There is a bearish trend line formed (yellow line), which is silently pushing the price down.
As long as Eth remains below the highlighted yellow line, there is a chance of a move towards the $13.00-$12.80 levels (highlighted with red lines).
On the upside, the $14.00-$14.20 area remains a major resistance zone for the ETH/USD pair.
Important Resistance Levels
$14.00 and $14.20
Important Support Levels
$13.60 and $13.00
The RSI is below the 50 level, calling for more downsides.
The MACD is the same as yesterday, and suggesting that ETH/USD is consolidating.
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
Like what you read? Follow us on Twitter @ETHNews_ to receive the latest Ethereum Price Chart, Ethereum Price Trend and Ethereum Analysis News.