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Ether Price - Is This Rebound A Correction Or Trend Change?

By

Aayush

Jindal

Guest AnalystETHNews.com

ETH/USD started a recovery, but I don’t think the pair has concluded its losses yet and the possibility of a trend change is minimal.

Key Highlights

Ether price traded below the $12.00 support area against the US Dollar, but later managed to find support.
A bearish trend line break was noted on the last 7-days chart of the ETH/USD pair, which is a short-term recovery sign.
The all-important $12.80-$13.00 resistance area may come into play once again on the upside.

Looking at the 7-days and 14-days chart of ETH/USD, it is quite evident that there are many crucial resistances on the way up for the pair.

Ether Price Recovery

Yesterday, I mentioned that there is a risk of Ether price moving down towards the $11.80 support area against the US Dollar. It did move lower, and traded as low as $11.81 where it found buyers. The stated level was highlighted as a major support area, and it proved its worth.

Ether Price Analysis Chart

The ETH/USD pair started recovery, and even broke a bearish trend line on the 7-days chart to clear the way for a short-term rebound. There are two main obstacles for ether price recovery on the upside. First, the all-important $12.80-$13.00 resistance area (red line), and the second one is the upper bearish trend line.

Out of the two obstacles, the $12.80-$13.00 resistance area holds the key for more gains. It acted as a monster barrier earlier, and may continue to act as a sell zone.

Ether Price Analysis Chart 14-days

The significance of the mentioned resistance area is also visible on the 14-days charts of ETH/USD. Going forwards, there is a chance of a move towards the highlighted resistance area, but it won’t be easy for the ETH bulls to break it.

One may even consider selling in the short term as long as the price is below the $12.80-$13.00 resistance area.

Important Resistance Levels

$12.80 and $13.00

Important Support Levels

$12.00 and $11.80

Hourly RSI

The RSI is below the 50 level, which is a bearish sign.

Hourly MACD

The MACD is again in the bearish zone, suggesting the recent move may be a part of correction.

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

ETHNews is commited to its Editorial Policy

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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.