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Ether Price Analysis
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ETH/USD Tumbles; Scope For Test Of $11.00





Ether price opened with an increase in bearish sentiment today against the US Dollar to trade below $11.80. It looks like the recent losses may extend to $11.00.

Key Highlights

Ether price traded sharply lower against the US Dollar and broke a very important support area of $11.80.
Yesterday’s highlighted contracting triangle pattern on the 4-hours chart of the ETH/USD pair was broken to open the gates for more declines.
The broken support area of $11.80-$12.00 may now act as a resistance zone.

Technically, near term rallies or corrections in ETH/USD could find offers since almost all indicators are pointing south.

Ether Price Slide

In the weekly analysis, I highlighted that Ether price is approaching towards a crucial break. However, I was not expecting a downside break. The price broke down today, and closed below a significant support area of $11.80.

Ether Price Analysis Chart H4

In my view, the recent break was effective, and may lead to more losses in the near term. The reason why I think that the recent move may generate more losses is because there was a close below a major bullish trend line on the 4-hours chart of the ETH/USD pair.

Moreover, the last couple of H4 candles are bearish, and one of them is like a shooting star. If the mentioned pattern is correct, then there is a high probability of ETH/USD extending current losses. The next support on the downside is around $11.00, which may provide bids.

Ether Price Analysis Chart

Looking at the hourly chart of the ETH/USD pair, there is a bearish trend line formed, acting as a downside move catalyst. Moreover, the $11.80 level is also highlighted with orange line to point out its importance. Together, both are forming a monster resistance at $11.60-80.

As long as the price is below the highlighted resistance area, sellers may remain in control.

Important Resistance Levels

$11.60 and $11.80

Important Support Levels

$11.35 and $11.00

Hourly RSI

The RSI technical indicator is around the oversold readings, which may ignite a minor correction towards $11.80.

Hourly MACD

The MACD is strongly placed in the bearish slope.

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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