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What’s Holding Ether Buyers Back?





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. 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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