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Ether Remains Well offered Near $11.20 Level

By

Aayush

Jindal

Guest AnalystETHNews.com

Despite of a tepid recovery in Ether recently, the ETH/USD pair failed to break a monster resistance area near $11.20-30.

Key Highlights

Ether buyers struggle to clear an important resistance of $11.20 versus the US Dollar continued.
It looks like the ETH/USD pair is well offered near the stated resistance level.
The recent price action is suggesting a risk of a downside move if buyers fail to surpass $11.20.

There is a technical shift noted on the lower timeframe charts of ETH/USD, which is a not a good sign for buyers in the short term.

Ether Price Resistance

The Ether maintained its offered tone during the past few sessions against the US Dollar, and every attempt of buyers to break $11.20 failed. There was no meaningful recovery in ETH/USD beyond the $11.20-30 levels.

Ether Price Technical Analysis Chart Ethereum

The 30-min chart of the ETH/USD pair points two important things. First, there was a break of a support trend line to initiate a downward move. Second, there is a bearish trend line formed, which is acting as a resistance and preventing gains.

The last three candles are back to back bearish and signaling a downside move may be towards the $11.00 level. If the bearish pressure increases, the pair might even test the all-important $10.80 support level.

Ether Price ETH to USD Trend Analysis Chart

For an upside move, the Ether bulls need to break the highlighted bearish trend line and surpass $11.20-30 resistance zone. If we jump to the 2-hours chart of ETH/USD, we can clearly see how important the stated resistance is.

There were many spikes, but there was no close above the highlighted resistance zone. It’s not looking good at the moment, and if the pair continues to face offers, then there is a high risk of a downside reversal. In my view, there can be one last attempt to break $11.20, which may decide the next move in ETH/USD in the short term.

Important Resistance Levels

$11.20 and $11.30

Important Support Levels

$11.00 and $10.80

Hourly RSI

The RSI technical indicator is below the 50 level, and bending down.

Hourly MACD

The MACD has changed to slope to bearish, and signaling weakness in ETH/USD.

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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