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Ethereum Analysis: Ether Price Remains On A Back Foot

By

Aayush

Jindal

Guest AnalystETHNews.com

The ETH/USD pair keeps the bearish fashion intact on Tuesday, and now looks set to challenge the $10.40/00 support band.

Key Highlights

Ether price nosedived against the US Dollar and posted a loss of more than 6% during the past 24 hours.
The ETH/USD pair broke a major support area highlighted in the weekly post to open the gates for more losses.
The price traded towards the $10.50 level and looks set for further weakness in the short term.

The recent break in the ETH/USD pair is a strong bearish signal, and if the bears remain in control we may witness more declines.

Ether Price Nosedives

There ETH/USD pair has intensified its downside momentum today, briefly trading below the $11.00 area. Collaborating with the bearish sentiment, the ongoing Ethereum's DAO Forking Crisis increased the pressure on Ether price.

Ether Price Analysis Chart

As of writing the pair has lost more than 6% during the past 24 hours at $1074 and a breach of $10.60 would open the door to all-important $10.00 psychological level. During the downside move, the pair settled below an important support area of $11.80 (as highlighted in the weekly analysis), which further ignited losses.

Moreover, the highlighted range in yesterday’s analysis was broken, signaling sellers’ strength. The idea of selling with a break worked and resulted in profitable move.

The ETH/USD pair today broke a channel pattern formed on the last 24 hours chart. Going forward, the highlighted channel support trend line might now act as a resistance if the price moves or corrects higher.

Ether Price Analysis Chart 7D

The last 7 days chart also suggests that the recent break was very critical and convincing, In short, we can say that there is a lot of bearish pressure at this moment on Ether price having potential to take it further down.

I think selling rallies remain a preferred option unless there is a major recovery in the ETH/USD pair.

Important Resistance Levels

$11.50 and $11.80

Important Support Levels

$10.60 and $10.00

Hourly RSI

The RSI is also signaling further weakness in the ETH/USD pair.

Hourly MACD

The MACD is positioned strongly in the bearish slope, calling for more losses.

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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