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Ether Price Fades Slightly As Sentiment Weakened

By

Aayush

Jindal

Guest AnalystETHNews.com

The ETH/USD pair has faded the initial spike to $14.00 and is now weakening towards $13.00. Is this a start of bearish move in Ether price?

Key Highlights

Ether price presents a modest bearish tone today against the US Dollar, and is poised for a break.
There is a bearish break noted on the hourly chart of the ETH/USD pair.
On the other hand, it looks like the pair is approaching a crucial break on the 4-hours chart.

In the short term, the technical structure favors more losses and a bearish bias for Ether versus the US Dollar. However, the $12.80 support area may produce a bounce moving ahead.

Monitor $12.80 in ETH/USD

Ether price is pushing lower against the US Dollar, as there was a failure to move above the $13.80-$14.10 resistance area. Our yesterday’s buying with a break idea was not triggered, as there was no clear break above the trend line resistance.

Ether Price Analysis Chart

Currently, the hourly chart of the ETH/USD pair clearly points towards a bearish break. There was a contracting triangle pattern, which was cleared by Ether sellers recently to push its price down. In my view, the recent downside move in ETH/USD could trigger further losses in the short term.

A move towards the 61.8% Fib retracement level of the last leg from the $12.18 low to $14.00 high is very likely, which is around $12.90-$12.80. The mentioned levels hold a lot value and may act as a major barrier for sellers.

Ether Price Analysis Chart H4

The importance of the same level can be visible on the 4-hours chart as well. There is a contracting triangle pattern, and the lower support trend line coincides with the stated level ($12.80).

Overall, there is a chance of a continuing weakness in ETH/USD, but the $12.80 support area may be able to protect a downside break and could even produce a bounce. However, we need to keep monitoring the triangle pattern for the next break.

Important Resistance Levels

$13.60 and $13.80

Important Support Levels

$12.90 and $12.80

Hourly RSI

The RSI technical indicator has dipped sharply, pointing towards seller’s strength.

Hourly MACD

The MACD has moved into the bearish slope, and suggesting further declines.

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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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.