Key Highlights
Ether price failed once again to retain the bullish bias against the US Dollar and moved down.
The ETH/USD pair registered losses, and also broke a major support area highlighted in the weekly analysis post.
If the bulls fail to defend the current downside move, there is a possibility of a move towards $10.20-00.

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.

Ether Price Analysis Chart

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.

Ether Price Analysis Chart 7D

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.

Important Resistance Levels

$10.80 and $11.00

Important Support Levels

$10.40 and $10.20

Hourly RSI

The RSI indicator accelerating its decline around 42, and looks poised for further slides.

Hourly MACD

The MACD is back into the bearish zone, which is a negative sign.
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

Today ETH/USD Weekly Forecast: Ether In Clear Uptrend
07-12-2016 Ether Price Ranging, Follow Through On Correction
07-11-2016 Ether Price Bull Run Has Come To An End
07-10-2016 Ether Price Weekly Analysis – Bullish Bets Continue To Rise
   

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