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ETH/USD – Ether Sell-Off To Continue?





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. He strives to provide entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession and loves blogging.

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