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ETH/USD Sells Off, Target Additional Weakness





The Ether buyers faced a tough time, as its counterpart the US Dollar managed to gain bids. As a result, there was increase in selling pressure noted in ETH/USD.

Key Highlights

Ether price after testing the $13.00-20 resistance area against the US Dollar failed, and started to move down.
The ETH/USD pair is currently trading near a major support area. A break below $12.40 could trigger additional weakness.
There is a contracting triangle pattern formed on the hourly chart of the ETH/USD pair, which may ignite the next move in the short term.

Technically, there are mixed signals. A lower time frame chart (1-hour) suggest additional weakness. On the other hand, the 4-hours chart has a bullish pattern pointing towards more gains.

ETH/USD Downside Move

Yesterday (July 27), Ether price attempted to break an important resistance area of $13.20 against the US Dollar, but failed. There were two failures noted around the stated level, and a bearish trend line on the hourly chart acted as a barrier for more gains.

Ether Price Analysis Chart

As a result, the price moved down, and is currently trading below $12.80. There is a contracting triangle pattern formed on the hourly chart of ETH/USD, which may act as a catalyst for the next break.

Currently, the pair is trading near the triangle support area and getting bids. However, the last 4-5 candles are pointing additional weakness. So, there is a high possibility of price moving below the triangle support area. In that situation a test of the $12.00 support area is likely.

Ether Price Analysis Chart H4

The 4-hours chart of the ETH/USD pair is pointing to mixed signals. There is a bearish trend line, acting as a resistance on the upside. On the other hand, there is a hammer pattern, which is a bullish sign and called an upside move as highlighted in yesterday’s post as well.

In my view, there can be a downside break in ETH/USD today (July 28). A test of $12.00 is on the cards.

Important Resistance Levels

$12.80 and $13.20

Important Support Levels

$12.40 and $12.00

Hourly RSI

The RSI technical indicator is showing no signs of a recovery in ETH/USD.

Hourly MACD

The MACD is in the bearish slope, suggesting more losses.

Aayush Jindal

Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis. He strives to provide entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession and loves blogging.

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