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Ether Price Rebounds After Nosediving Towards $11.20

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether price broke a major range support of $11.40 versus the US Dollar, but later managed to rebound from the lows.

Key Highlights

Ether price suffered losses yesterday not only against the US Dollar, but also against Bitcoin.
The ETH/USD pair jaw dropped and traded close to the $11.20 support area.
The Ether bulls somehow managed to defend more declines and pushed the price back up.

Technically, the 4-hours chart shows that the pair is attempting a crucial break of a triangle pattern, which could define the trend for a few sessions.

Ether Price Recovery

We saw yesterday that the Ether price was trading along a sideways trend versus the US dollar. There was a major support at $11.40. Later, the ETH sellers had an upper hand, as they managed to push the ETH/USD pair below $11.40.

Ether Price Analysis Chart

However, the downside was limited looking at the 30-mins chart, as the price just traded a few basis points below $10.30. It not even did a complete test of the next major support of $11.20. The pair is currently rebounding, and following a minor bullish trend line.

On the upside, there is now a resistance formed just below $11.70 (as can be seen in chart). Looking at the last couple of candles, it seems the current recovery is over and the price may trade lower. On the downside, the trend line is key. If it holds, there is a chance of a ride towards $11.70.

ETH/USD Pair Analysis Ethereum

When we look at the 4-hours chart of ETH/USD, nothing major change occurred. I highlighted a contracting triangle pattern yesterday, which is still in place. The price attempted to break the triangle support, but failed.

ETH/USD is currently trading near the triangle resistance area and facing offers. We will witness a break on the 4-hours chart soon, as the pattern is contracting. It’s very tough to predict the side of break. So. It’s best to wait for a break before making trading decision.

Important Resistance Levels

$11.60 and $11.70

Important Support Levels

$11.40 and $11.20

30-min RSI

The RSI technical indicator is also above the 50 level, but started bending lower.

30-min MACD

The MACD recovered well and currently in the bullish zone.

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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The content on ETHNews.com is provided for informational purposes only and it is not intended to be, and does not, constitute financial advice or any other advice. You should not rely on any ETHNews.com content to make an investment decision. ETHNews.com is not responsible for any investment decision made by you. You are responsible for your own investment research and investment decisions.