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Ether Price Analysis
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Ether Price Modestly Bearish Within Range





ETH/USD failure to break the $13.25 resistance once again ignited a downside move, which may extend in the short term.

Key Highlights

Ether price traded towards $13.25 against the US Dollar once more, but sellers protected it successfully.
There was a double top pattern formed near $13.25, which ignited a downside move.
The price is currently trading near a support trend line formed on the 30-min chart.

Technically, Ether price has accelerated its decline below the 21 SMA.

ETH/USD Downside Acceleration

It looks like the $13.25 level is acting as a major barrier for the Ether price versus the US Dollar. There were 2-3 failure noted around the stated level, and there was even a double top pattern formation.

Ether Price Analysis Technical Chart

The 30-min chart clearly shows the pattern, and how ETH/USD accelerated the downside move. There was a sharp downside move, which took the price below the 50% Fib retracement level of the last wave from the $13.04 low to $13.27 high.

However, the downside move found support near a bullish trend line. It is currently acting as a strong hurdle for the Ether sellers, and protecting further losses. As long as the price is above it, there lies hope of a recovery. Else, a break below it may call for a complete test of the last low at $13.04.

ETH/USD Pair Analysis Ethereum

When we look at the 2-hours chart of ETH/USD, there is a clear resistance at $13.25. More than three failures can be noted, igniting a downside wave. I have also drawn a support trend line on the same chart, which I think is acting as a bid area.

I think we can consider this as a breakout pattern on the 2-hours chart, which can trigger the next wave in ETH/USD. Earlier, I was more on the bullish side, but now I think the technical indicators are signaling more losses in the short term. A break below the support trend line may take the price towards $12.80.

Important Resistance Levels

$13.20 and $13.25

Important Support Levels

$13.04 and $13.00

2-hours RSI

The RSI technical indicator is struggling as well, which is a warning sign.

2-hours MACD

The MACD has moved from the bullish to bearish zone.

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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