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What’s Holding Ether Buyers Back?

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether price failed to maintain momentum and found sellers near $11.40 versus the USD. Can the Ether buyers attempt once more to gain pace?

Key Highlights

Ether price after trading as high as $11.46 found sellers against the US Dollar and moved down.
The broken resistance area of $11.20 is now acting as a support for the ETH/USD pair.
There is a descending channel formed on the 30-min chart of ETH/USD, which is taking the price lower.

Technically, the $11.20-00 levels hold the key for more downsides. If it holds, ETH/USD may trade back higher.

Ether Price Hurdles

In my last analysis I mentioned that Ether price closed above a major resistance area of $11.20 against the US dollar, which may result in more gains in the near term. The ETH/USD pair did trade higher, but the upside was limited as there were strong offers presented near $11.40.

Ether Price Technical Analysis Chart Ethereum

The unsuccessful close above the $11.40 resistance sets a short-term bearish bias for the ETH/USD next move. In my view, the pair might head south to the $11.00-20 support. However, currently the $11.20 level is acting as a major barrier for sellers as it was a resistance earlier and now support.

There is a descending channel formed on the 30-min chart of ETH/USD, which is acting as a downside move catalyst. However, if the channel is considered as a flag pattern, there is a chance of an upside move once the pattern is complete.

ETH to USD Ether Price Trend Chart

When we look at the 2-hours chart of the ETH/USD pair, there are a couple of important points to note. First, the recent failure was around a major resistance area as highlighted by a resistance line (blue). Second, there is currently a bearish trend line formed (yellow), acting as a resistance. Lastly, there is a support trend line on the downside.

So, we can say that the price is stuck in a major breakout zone. Once we have a break, we can witness swing moves. In my view, the possibility of a break higher is a lot more.

Important Resistance Levels

$11.40 and $11.60

Important Support Levels

$11.20 and $11.00

2-hours RSI

The RSI technical indicator is just below the 50 level, but with no major bearish sign.

2-hours MACD

The MACD is slightly in the bearish zone, and waiting for buyers to step in.

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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