Key Highlights
Ether price failure to recover against the US Dollar is raising concerns, and may dent the market sentiment further in the near term.
There is a descending channel pattern formed on the last 7-days chart of the ETH/USD pair, which is acting as a downside move catalyst.
The price is super bearish if we look at a lower timeframe chart like the 24-hours chart.

Ether price failed to close back above $10.80 resistance one more time with price action persistent to trade flat within $10.20 and $10.80 levels.

Ether Price Bearish Formation

Yesterday, I highlighted a contracting triangle pattern and mentioned that the $10.70-80 price levels could act as a major resistance. It did stall the upside move Intraday and ignited a downside move.

Ether Price Analysis Chart

The ETH/USD pair is currently in a clear downtrend looking at the 24-hours chart. There are a couple of bearish trend lines formed, acting as a resistance and pushing the pair down. Moments ago, the price broke a short-term support area (highlighted with orange line), which may ignite further losses.

If the recent support break is true, the price may head towards the $10.20 range support area. The upside remains capped for the moment until the highlighted trend lines are breached.

Ether Price Analysis Chart 7D

The 7-days chart's price action shows a descending channel pattern being formed and could see a potential continuation to the downside. The price recently tested the channel resistance area and failed to break it, which might push ETH/USD towards the lower trend line positioned at $10.20.

The $10.20 level should offer an immediate support, with some buying interest. Only a break below it could take the pair towards $10.00.

Important Resistance Levels

$10.60 and $10.80

Important Support Levels

$10.30 and $10.20

Hourly RSI

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

Hourly MACD

The MACD is not moving much, which is a sign of a consolidation at the moment.
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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.

Ether Technical Analysis

Today ETH/USD Forecast: Consolidating Above $200
07-14-2016 Ether Price Attempts To Regain $11.20 Versus USD
07-13-2016 Key Risks Warn Against Chasing ETH/USD Higher
07-12-2016 Ether Price Ranging, Follow Through On Correction
   

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