Technically, most technical indicators are aligned for more losses this week, but we need to keep a close watch on $10.80 as support.

Ether Price Bearish Bias

Ether price outlook remains short-term bearish, as there were a couple of important failures resulting in a downside move. Recently, the ETH/USD pair failed to reclaim $12.00 handle, and as a result moved down to break the $11.60 support.

Ethereum Ether Price Technical Analysis Chart

There was a new low of $10.92 formed during the start of the week with a couple of spikes. The ETH bears tested the $11.00-$10.90 support on a couple of occasions, but failed to break it. However, the most critical support on the downside remains at $10.80, which is a strong pivot zone.

On the upside, there is a bearish trend line formed on the hourly chart of ETH/USD, acting as a resistance and preventing the bulls from taking the pair higher. There are 5 attempts recorded already to break the highlighted trend line.

ETH Ether price versus US Dollar Chart

No doubt, the risk to downside is a lot of more looking at the hourly chart. And, if we drop on the 4-hours chart of ETH/USD, then there is a monster descending channel formed.

The highlighted channel is slowly and steadily taking the pair down, acting as a support as well as resistance. If there is a break of the channel in the short term, then depending on direction there can be a nasty move. If there is a breakdown, the price can test $10.00, otherwise a recovery may start in ETH/USD.

Important Resistance Levels
$11.60 and $12.00
Important Support Levels
$10.90 and $10.80
Hourly RSI
The RSI technical indicator is below the 50 level, and heading further lower.
Hourly MACD
The MACD is in the bearish zone with no sign of a recovery.
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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.

Ether Technical Analysis

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