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Here Are Reasons Why Ether Price May Continue To Sink

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether price nosedived post Bitfinex hack report and traded lower by around 20%. Going forward, it can face a lot of offers on the upside and may continue to sink.

Key Highlights

Ether price collapsed against the US Dollar after Bitfinex security breach, which ignited downsides in ETH, BTC and a few other cryptocurrencies.
The ETH/USD pair broke a couple of important support levels, which may now act as resistance.
Ether price after trading as low as $7.88 (average price) recovered, but may face sellers on the upside.

Technically, ETH/USD is currently recovering, but most charts highlight $10.00 as a monster resistance area.

ETH/USD - $10.00 as Resistance

The virtual currency exchange, Bitfinex reported yesterday that there was a security breach and around 119,756 btc was stolen. Almost all cryptocurrencies, including Bitcoin and Ether came under selling pressure and prices moved down.

Ether Price Analysis Chart Ethereum

ETH/USD jaw dropped and traded lower by more than 20% to establish a new weekly low of $7.88. The $8.00 support area acted as a major barrier for sellers and produced a bounce. The pair has started a correction wave, but it may not last long. There is a bearish trend line formed on the hourly chart having potential to defend the upside move.

Moreover, during the downside move, the pair settled below a couple of important support levels. The most critical support was $10.00. Now, if the pair retest the mentioned level, then sellers may appear to defend it. It is one of the key reasons I think Ether price may continue to sink.

Ether Price Analysis H4 Chart Ethereum

Looking at the 4-hours chart of ETH/USD, there is another bearish trend line waiting to act as a hurdle for the Ether buyers. The last closed candle is pretty bullish, but it’s hard to discard all other indicators pointing south.

As I mentioned, there may be an attempt to retake the $10.00 level. However, the chances of a failure are high, which may ignite a downside move yet again.

Important Resistance Levels

$10.00 and $10.40

Important Support Levels

$8.80 and $8.00

Hourly RSI

The RSI technical indicator bounced from the 20 level, but remains below the neutral level.

Hourly MACD

The MACD is sitting comfortably in the bearish zone, suggesting seller’s strength.

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

ETHNews is commited to its Editorial Policy

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The content on ETHNews.com is provided for informational purposes only and it is not intended to be, and does not, constitute financial advice or any other advice. You should not rely on any ETHNews.com content to make an investment decision. ETHNews.com is not responsible for any investment decision made by you. You are responsible for your own investment research and investment decisions.