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Ether Price Poised for Continued Weakness

By

Aayush

Jindal

Guest AnalystETHNews.com

ETH/USD remains in a downtrend, and looking at the charts, there isn’t any recovery sign visible in the short term.

Key Highlights

Ether continued to face sellers versus the US Dollar and Bitcoin to form new lows.
The ETH/USD pair traded as low as $11.85, and currently looks set for further declines.
There was a minor correction yesterday, but as forecasted, it found offers and moved down.

Technically, the price is below its 20 and 100 SMA’s on the 4-hours chart, signaling a strong bear trend.

ETH/USD Forecast

Ether remained under a heavy bearish pressure versus the US Dollar and Bitcoin. In the weekly analysis post, I stated that the price remains in a downtrend, and every rally may be considered as a selling opportunity. The price structured a short-term recovery pattern, but failed to retain the bias.

Ether Price Analysis Chart

There was a channel pattern formed on the hourly chart of the ETH/USD pair, which was acting as a catalyst for a short-term correction. Once the pair completed the correction, it moved down. A new weekly low of $11.85 was formed.

An important point to note was the fact that the recent rejection was near the 23.6% Fibonacci retracement level of the last drop from the $12.98 high to $12.08 low. So, we can say that it was a perfect technical correction pattern, and then the price resumed its downtrend.

ETH/USD Forecast Chart Ethereum

The price is currently trading in a tiny range just above $11.85, and looks like forming a tiny consolidation pattern. There is a chance that the price may correct a few points higher, but it may repeat the same pattern. It might once again fail and trade lower. An initial resistance on the upside is around the 23.6% Fibonacci retracement level of the last drop from the $12.40 high to $11.85 low.

Moreover, the 4-hours chart of ETH/USD suggests a clear bearish picture. There are two resistance trend lines on the chart, which may continue to act as a barrier for the buyers. In short, Ether price remains poised for continuous weakness.

Important Resistance Levels

$12.10 and $12.40

Important Support Levels

$11.80 and $11.60

Hourly RSI

The RSI technical indicator is around the 20 level, but not showing any sign of a recovery and may remain in the oversold area.

Hourly MACD

The MACD is strongly placed in the 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

ETHNews is commited to its Editorial Policy

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