Ether Price Weakness To Start The Week
|Ether price weakened during the past 24 hours against the US Dollar as forecasted in the weekly analysis.|
|There is a bearish trend line formed on the hourly chart of ETH/USD, acting as a catalyst for the downside move.|
|The pair settled below an important support of $11.60, which can now be considered as a sell zone.|
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.
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.
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.