Ether price seems to have stabilized below $14.00 region, and whilst there is still room for an upward correction, a near term sustainable bullish bias appears now out of the picture.
Ethereum price finally moved down against the US dollar after consolidating for a few sessions.
Yesterday’s view of the ETH/USD pair trading towards the $13.00-$12.80 levels was correct, as the price not only tested the stated level, but also traded below it.
ETH/USD traded as low as $11.68, and currently forming a short-term breakout structure.
ETH/USD 24H chart shows that the price is currently below a couple of important resistance levels, which can stall any correction from the current levels.
Ethereum Price Break
I kept saying throughout this week that there is a chance of a downside move towards the $12.80-$13.00 levels in ETH/USD. The price did move down as there was a perfect failure around the $14.00 and $14.20 resistance levels.
ETH/USD traded as low as $11.68, and currently forming a short-term flag pattern (yellow color) on the last 24-hours chart. On the upside, there are many a couple of important resistance levels. The $12.40 level is an initial hurdle on the upside.
However, the most critical resistance is around the $13.00-$12.80 levels. It acted as a major pivot earlier, and since the price moved below it, I think it may now act as an offer zone.
The same resistance area can be visible on the 7-days chart of ETH/USD with a yellow line. I think the price may attempt to correct higher, but could face sellers near $13.00-$12.80.
Moreover, yesterday’s bearish trend line (red line) is still in play and will remain the focus of attention in the near term. On the downside, a break below $11.68 may take the price towards $11.20.
Important Resistance Levels
$12.40 and $12.80
Important Support Levels
$11.65 and $11.20
The RSI is below the 50 level, suggesting a bearish bias.
The MACD has just moved back into the bullish zone, pointing towards a possible minor correction.
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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