The US dollar gained traction against most its counterparts including ETH, underpinned by the recent impressive Nonfarm Payroll figure in the US. Can the USD continue to have an upper hand versus Ether?
Ether Price Failure
The ETH/USD pair fell down by more than 2% to $10.55 so far today, and it looks like the Ether bears are still refusing to give up. It is quite clear that the pair is forming a bearish technical stance in the near term.
The last 24-hours chart shows that the price broke a major range support area of $10.80-70, which ignited a downside move. The price is now below its moving averages like the 100 hourly SMA, pointing bearish signs for Ether.
No doubt, the recent decline may have annoyed many investors as there were a lot of positive signs this past week. Now, the ETH/USD pair is again heading into the negative territory with bears in control.
The last 7-days chart is also signaling a crucial break. In the weekly analysis article, I highlighted a major support area (orange line). The ETH/USD pair is now trading below it, and also broke a bullish trend line formed on the same chart (yellow line).
The next support on the downside can be around the 50% Fib retracement level of the last wave from the $9.82 low to the recent high (highlighted with a green line) at $10.40. Overall, I think the market has turned bearish once again, and the bulls need to be careful buying ETH/USD in the short term until there are signs of a reversal.