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Ether Price Struggles Into Bottom of Support Zone





ETH/USD is currently trading near a major support area at $12.00, which must hold if the pair has to recover going forward.

Key Highlights

Ether price was seen under a bearish pressure today against the US Dollar.
The ETH/USD pair is currently trading near the $12.00 support, and sellers attempting a break.
A break below the mentioned support area may trigger a downside move in the short term.

Technically, the 30-min chart is pointing a short-term bearish breakout pattern.

ETH/USD in Trouble

It looks like it is a bad start for the Ether this week against the US Dollar and Bitcoin. Both ETH/USD and ETH/BTC pairs were seen under a bearish pressure this morning. The ETH/USD pair traded with a negative tone, and tested the $12.00 support area.

Ether Price Analysis

The pair is currently struggling into the bottom of the support zone, and remains at a risk of a breakdown. When we have a look at the 30-min chart of the ETH/USD pair, there is a bearish trend line on the upside, and the $12.00 support on the downside.

Since the stated support area acted as a barrier for sellers many times, there is a contracting triangle forming. The price is currently trading near the triangle support trend line, and it looks like the Ether buyers are finding it hard to protect a downside break.

Ethereum ETH/USD Forecast

They must protect it, else there is a huge risk of a sharp decline in ETH/USD. The next support in that case may be around $11.80. However, once there is a break and close below the $12.00 support, it would be very difficult for the ETH price to climb back higher.

The 2-hours chart of ETH/USD also shows that the long formed range consolidation pattern is at risk. Either we will soon witness a bounce from the $12.00 support or a break below it for a move towards the next support zone. Buyers must trade carefully, as the market sentiment is not bullish at the moment for the Ether.

Major Resistance Levels

$12.10 and $12.25

Major Support Levels

$12.00 and $11.80

30-min RSI

The RSI technical indicator is below the 50 level with no sign of a recovery.

30-min MACD

The MACD is comfortably placed in the bearish zone, and signaling further losses.

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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