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Ether Price Weakness To Start The Week

By

Aayush

Jindal

Guest AnalystETHNews.com

ETH/USD looks like started a fresh downward leg to start the week, and probe test an important support of $10.80.

Key Highlights

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.

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.

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

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