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Ether Price Modestly Bearish Within Range

By

Aayush

Jindal

Guest AnalystETHNews.com

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, 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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