Ether Price Major Breakout Below $11.00
|Ether price nosedived during the past few hours against the US Dollar, and traded as low as $10.07.|
|My yesterday’s view of ETH/USD testing the $11.00 area was spot on.|
|Moreover, the shooting star pattern highlighted in the 4-hours chart of ETH/USD yesterday did the trick and pushed the pair down.|
Technically, Ether price is findings bids near $10.00, and most indicators are favoring a short-term correction in ETH/USD.
Ether Price Nosedives
There was no relief for ETH buyers, as the ETH/USD pair continued its downtrend and broke a couple of important support levels like $11.00 and $10.80. Yesterday, it cleared $11.80, which later acted as a resistance and stopped a recovery.
The price came crashing down and tested the $10.00 level. The mentioned level is currently acting as a support zone and protecting any further losses. There is a hammer pattern formed on the hourly char of the ETH/USD pair, suggesting that the price may correct a few points higher.
However, the correction may be limited as there is a bearish trend line on the upside waiting to act as a hurdle for a recovery at $11.00. This is why, if there is a recovery in ETH/USD, it may not last long.
No doubt, the price is under heavy selling pressure, which is clearly visible on the 4-hours chart of ETH/USD. The last 4-5 candles are super bearish, and points a crucial break. As I keep saying $12.00-$11.80 is a major pivot, followed by $11.00. So, if there is a recovery in ETH/USD, then sellers may take a stand near the stated levels.
In my view, sticking to the bearish side is preferred as long as there is a sign of trend change.