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ETH/USD: Double Bottom or Further Declines

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether sellers were unstoppable, as they took the price below the $13.00 handle versus the US Dollar. Going forward, can ETH/USD recover?

Key Highlights

Ether price remained under a lot of pressure against the US Dollar and Bitcoin, and created new weekly low.
The ETH/USD pair extended its yesterday’s downside, and tested the $12.80 support as forecasted.
The pair is likely forming a double bottom pattern, which if fails may put further bearish pressure on Ether.

Technically, all indicators are pointing south with almost no chances of a recovery in the short term.

Ether Price Forming Base for Recovery?

There was no respite for the Ether, as it continued to weaken against the US Dollar and Bitcoin. Yesterday, I stated that the ETH/USD pair can move down towards the $12.80 support. It did trade lower, and tested the stated level.

Ethereum Ether Price Analysis Chart

There was a descending bearish channel formed on the hourly chart, which was broken during the recent downside move. A new weekly low of $12.75 was formed (average price). Ether price is currently attempting to recover, but facing offers on the upside.

An initial resistance is around the channel upper trend line, and the 23.6% Fibonacci retracement level of the last drop from the $13.52 high to $12.75 low. In short, if I want to point out the first hurdle, it’s at $13.00. I think it won’t be easy for the Ether buyers to push the price above it.

ETH/USD Forecast Chart

When we look at the positive side, there is likely a bullish pattern forming on the 4-hours chart of ETH/USD. A double bottom pattern is slowly forming at $12.80. No doubt, it’s an important support zone, and if bulls put up a fight, the price may recover.

On the other hand, if they fail, there can be further declines. The price may even head towards $12.50, which can be considered as the next stop for sellers.

Important Resistance Levels

$13.00 and $13.20

Important Support Levels

$12.75 and $12.50

Hourly RSI

The RSI technical indicator is around the oversold readings, but there is hardly any sign of a recovery.

Hourly MACD

The MACD moved is strongly placed in the bearish zone, signaling more losses.

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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