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ETH/USD – EXP Attack Destroys Ether Bullish Trend

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether price made a sharp down move yesterday due to an attack, which changed the trend for ETH/USD from bullish to bearish in the short term.

Key Highlights

Ether price traded sharply lower yesterday against the US Dollar and Bitcoin due to an EXP attack as reported yesterday.
The ETH/USD pair collapsed and moved towards the all-important $12.00 handle.
The $12.00-10 support area played its role well and prevented any further declines.

Technically, the 2-hours chart points importance of the current support area, which must hold for now.

Ether Price Important Support Area

Yesterday, I highlighted how there was a chance in the trend for Ether price, and I was hoping for a move towards the $13.00 handle versus the US Dollar. However, there was an attack reported yesterday that was increasing block processing times on certain blocks.

Ethereum Ether Price Analysis

As we all know we just witnessed the hard fork to prevent DDoS attacks, and within a few days a second attack was reported. Although, it was EXP attack, it caught trader’s attention. As a result, there was a sharp downside move in both ETH/USD and ETH/BTC.

The ETH/USD pair declined from $12.60 to $12.00, where the Ether buyers just managed to protect the downside move. The stated level and $12.10 represents a major support area. As we all know, it was a crucial resistance earlier, and now it is no surprise that it is acting as a support.

Ethereum ETHUSD Forecast Chart

The price is currently correcting higher, but facing resistance in the form of a bearish trend line on the 30-min chart. The 23.6% Fibonacci retracement level of the last decline from the $12.75 high to $11.99 low is also positioned near it.

So, it won’t be easy for the Ether bulls to break it and ignite further recovery. However, the pair remains supported on the downside, as can be seen from the 2-hours chart. It shows how a bullish trend line and the $12.00 level is acting as a strong support. So, there is a chance that the price may recover further, but major gains seem unlikely.

Important Resistance Levels

$12.40 and $12.80

Important Support Levels

$12.00 and $11.80

2-hours RSI

The RSI technical indicator is now below the 50 level, pointing strength of the recent losses.

2-hours MACD

The MACD moved from the bullish to bearish zone, signaling a change in the trend.

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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