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Ether Price Signaling Bearish Continuation

By

Aayush

Jindal

Guest AnalystETHNews.com

A minor retracement in ETH/USD from the session low found sellers near $12.60, and the pair has now turned bearish in the short term.

Key Highlights

Ether price remained in a downtrend against the US dollar, and poised for more losses in the short term.
There is a descending channel formed on the 24-hours chart of ETH/USD, which is acting as a catalyst for a downside move.
An initial support is at $12.00, and a break below it could take the price towards $11.80.

Going forward, given the prospects of more weakness in Ether price, staying on the sidelines may be a preferred option.

Ether Price To Weaken Further?

There was a minor recovery in the ETH/USD pair during the past 24 hours, but the upside could not sustain due to the number of resistances on the upside. The price traded close to the $12.60 level where it found offers and started moving down.

Ether Price Analysis Chart

Currently, there is a descending channel formed on the 24-hours chart of ETH/USD, which is pushing the price down. Yesterday, I emphasized that there is a chance of a downside move towards $12.00, and the ether sellers did attempt a test of the stated level.

I think as long as the descending channel is in place, the ETH/USD pair may continue to move down and test $12.00. We need to keep monitoring the trading volume, and if there is an increase, the chances of losses will rise.

Ether Price Analysis Chart 7D

The downtrend in ETH/USD is clearly visible on the 7-days chart. There is a long followed bearish trend line, and now another bearish trend line is formed, which is currently acting as an initial resistance.

On the downside, the $11.80 level can be considered as a support area (green line), and it may act as a major hurdle for the Ether bears. Overall, the trend is bearish for ETH/USD, and the bulls should be careful trading in the short term.

Hourly MACD

The MACD is positioned in the negative slope, pointing towards a bearish bias.

Important Resistance Levels

$12.50 and $12.80

Important Support Levels

$12.00 and $11.80

Hourly RSI

The RSI is well below the 50 level, suggesting the bears are in control at present.

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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