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ETH/USD – Ether Sell-Off To Continue?

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether price continued to decrease after breaking hourly support at $11.00 versus USD, which is now acting as a resistance.

Key Highlights

Ether price failed to break the $11.00 resistance against the US dollar and traded lower.
It looks like the ETH/USD pair is slowly and steadily grinding lower with a possibility of a test of $10.50.
The 30-min chart of ETH/USD is signaling a short-term support at $10.70 and resistance at $10.80.

In the short term, the technical structure favors a bearish bias as long as resistance at $11.00 holds.

Ether Remains under Pressure

Ether sellers remained in control versus the US Dollar, as the ETH/USD pair declined further. There was a new low formed at $10.70 where buyers just managed to protect any further losses.

Ethereum Ether Price Technical Analysis Chart

If we look at the 30-min chart of ETH/USD, there is a bearish trend line formed. It is acting as a resistance and preventing the pair to move higher. On the downside, the $10.70 level is acting as a support and protecting losses.

So, there is a tiny range ($10.70-10.80) formed, which may provide us the next move in the short term. On the downside, the next stop can be at $10.50. On the upside, the $11.00 resistance might act as a barrier. It was a support earlier, and now protecting ETH from gaining momentum.

Ether Price ETH Trend Analysis Chart

The 2-hours chart of ETH/USD clearly signals a downtrend. The Ether faced a lot of sellers lately and was sold off. However, we must remember that nothing goes up or down in a straight line. So, the ETH/USD pair will sooner or later find support for a recovery.

In my view, there is a still a possibility of a spike down to fill orders, which may then increase the chances of a recovery in ETH/USD. In the short term, we must keep an eye on $10.50 as a support and $11.00 as a resistance.

Important Resistance Levels

$10.80 and $11.00

Important Support Levels

$10.70 and $10.50

2-hours RSI

The RSI technical indicator is sitting in the oversold readings, but currently there is no sign of a move higher.

2-hours MACD

The MACD is comfortably placed in the bearish zone as the bulls continue to struggle.

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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