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ETH/USD Sells Off, Target Additional Weakness

By

Aayush

Jindal

Guest AnalystETHNews.com

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, 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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