Key Highlights
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.

Ether Price Analysis Chart

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.

Ether Price Analysis H4 Chart

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.

Important Resistance Levels

$10.80 and $11.00

Important Support Levels

$10.10 and $10.00

Hourly RSI

The RSI technical indicator is bouncing from the oversold readings, which is the only hope for the bulls.

Hourly MACD

The MACD is very bearish, and there are no signs visible of a correction.
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Ether Technical Analysis

Today ETH/USD Forecast: Ethereum Price Sticks To Bullish Bias
08-03-2016 Here Are Reasons Why Ether Price May Continue To Sink
08-02-2016 Ether Price Major Breakout Below $11.00
08-01-2016 ETH/USD Tumbles; Scope For Test Of $11.00

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