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Ether Price Ready To Challenge $13.00 Support





ETH/USD started a correction wave yesterday, and today the Ether sellers managed to extend the same below $13.50.

Key Highlights

Ether price extended the correction pattern against the US Dollar, and traded below $13.50.
Yesterday, I highlighted a short-term top in the ETH/USD pair, which did well and ignited a correction.
The pair is now heading towards a major support area of $13.20-$13.00.

Technically, the 4-hours chart points that the $13.00 handle is a major support and may protect the current downside move.

ETH/USD Approaching Support

Ether sell-off accelerated during the past two sessions, as buyers lost control against the US dollar and Bitcoin. There was a break below the $13.50 support in ETH/USD, and ETH/BTC traded below 0.0220BTC. Yesterday, I stated that there is a chance of a short-term top in the ETH/USD pair, and also pointed out a correction wave.

Ether Price Analysis Technical Chart

The pair did trade lower, and broke the $13.50 support to extend the correction. There is a descending channel pattern formed on the hourly chart of ETH/USD, which is acting as a catalyst for the current downside move.

The pair has already retraced most gains and testing the 50% Fibonacci retracement level of the last wave from the $12.34 low to $14.31 high. The most important support is near $13.20-00, which also coincides with the channel lower trend line.

ETH/USD Pair Analysis Ethereum

When we have a look at the 2-hours chart, then there are a couple of things to note. First, there is a bullish trend line formed (yellow), which is meeting at $13.00. Second, there is a major support zone around the stated level.

It was a resistance earlier for the Ether buyers and now it may provide support in the short term. So, if the pair continues to trade lower from the current levels, there is a chance of buyers taking a stand near $13.20-00. It represents a major technical level, and I will be very surprised if sellers break it easily.

Important Resistance Levels

$13.50 and $13.80

Important Support Levels

$13.20 and $13.00

2-hours RSI

The RSI technical indicator is just above the 50 level, and should hold the downside.

2-hours MACD

The MACD has moved away from the bullish zone, which may be a concern.

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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