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Ether Price Ready To Challenge $13.00 Support

By

Aayush

Jindal

Guest AnalystETHNews.com

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, 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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