Key Highlights
Ether price challenged the $10.00 support area against the US Dollar as forecasted in yesterday’s analysis.
The ETH/USD pair even traded below the stated level to register a new weekly low of $9.83.
The price is currently bouncing from the lows and may face a tough resistance near the $11.20 level.

The recent bounce in ETH versus the US Dollar is encouraging, but the bulls need to step up the momentum if they have to push the price further higher.

Ether Price Forecast

As forecasted in yesterday’s post, the ETH/USD pair accelerated its slide well below the $10.00 level and posted a new weekly low. However, the pair bounced sharply and closed above the mentioned level.

Ether Price Analysis Chart

The hourly RSI corrected partially the extreme oversold readings, taking the price higher during the past 24 hours. Currently, there is an expanding triangle pattern forming on the 24 hours chart, which may act as a catalyst for the next break in ETH/USD after the recent recovery.

The upside move was convincing, as there were a couple of attempts made to clear the triangle resistance area but the bulls failed. Looking at the same chart, it looks like there is a short-term support formed near $10.50 (highlighted with an orange line).

Ether Price Analysis Chart 7D

The last 7 days chart clearly shows how the price bounced from the lows, but an important point to note is the increase in trading volumes. It played a major role in taking the price higher, as the bulls stepped and bought ETH aggressively below $10.00.

On the upside, a crucial resistance lies near a bearish trend line formed on the last 7-days chart of ETH/USD. As long as the pair remains below the trend line resistance at $11.20, there is a chance of downside resumption. A recovery above the stated level can see the pair extending up to $11.80, but the market will keep on seeing advances as selling opportunities in the short term.

Important Resistance Levels

$11.20 and $11.80

Important Support Levels

$10.50 and $10.20

Hourly RSI

The RSI corrected from the extreme oversold readings, and currently heading towards the neutral level.

Hourly MACD

The MACD is now in the bullish slope, suggesting the recent recovery was promising.
Disclaimer:
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.

Ether Technical Analysis

07-26-2017 ETH/USD Forecast: Ether Plunge Into Support
07-07-2016 ETH/USD Bears Are Back, Risk of Further Declines
07-06-2016 Ether Price Bouncing From Lows, Resistance At $11.20
07-05-2016 Ethereum Analysis: Ether Price Remains On A Back Foot
   

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