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Ether Price Trend Overwhelmingly Negative

By

Aayush

Jindal

Guest AnalystETHNews.com

ETH/USD finally broke the consolidative mode to the downside, and posted a new weekly low of $11.62. More losses are likely to follow.

Key Highlights

Ether price moved down below $11.80 against the US Dollar to break a major support area.
The ETH/USD pair cleared the range support area at $12.00, which ignited a sharp downside move.
The pair is currently attempting to recover, but may face sellers near the broken support area (now resistance).

Technically, the 2-hours chart clearly points a major break, which may put a lot of pressure on the Ether buyers.

ETH/USD Bearish Market Sentiment

Yesterday, I highlighted a bearish breakout pattern on the 30-min chart of the ETH/USD pair, and mentioned that the pair remains at a risk of a breakdown. The pair did move down yesterday, and broke a monster support area of $12.00.

Ether Price Analysis Chart

I highlighted the importance of $12.00 on many occasions as a support area. A break below it means the market sentiment for the Ether may be short-term bearish. Ether price declined during the past few hours, and posted new a weekly low versus the US Dollar and Bitcoin.

ETH/USD traded as low as $11.62, and ETH/BTC declined below 0.0180BTC. There was a lot of bearish pressure, which can be clearly seen from the charts. Currently, the ETH/USD pair is attempting a recovery, but likely to face sellers near the 23.6% Fibonacci retracement level of the recent drop from the $12.13 high to $11.62 low.

Ethereum ETH/USD Chart

There is also a bearish trend line formed, which can be considered as a resistance zone along with the stated Fibonacci level. The most important point is the fact that the broken support area at $12.00 might now act as a barrier for the Ether buyers.

It won’t be easy for the price to surpass the broken range support area (now resistance), as seen on the 2-hours chart of ETH/USD. The Ether sellers are likely to appear around $12.00 if the price continues to recover.

Major Resistance Levels

$12.00 and $12.10

Major Support Levels

$11.60 and $11.50

2-hours RSI

The RSI technical indicator broke a consolidative pattern, and moved below the 50 level.

2-hours MACD

The MACD has now moved in the bearish zone, signaling a downside break.

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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The content on ETHNews.com is provided for informational purposes only and it is not intended to be, and does not, constitute financial advice or any other advice. You should not rely on any ETHNews.com content to make an investment decision. ETHNews.com is not responsible for any investment decision made by you. You are responsible for your own investment research and investment decisions.