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.
The content on 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 content to make an investment decision. is not responsible for any investment decision made by you. You are responsible for your own investment research and investment decisions.

Ether Technical Analysis

Today Ethereum Price Needs To Retake $300
10-26-2016 ETH/USD Rally Remains Attractive To Sellers
10-25-2016 Ether Price Trend Overwhelmingly Negative
10-24-2016 Ether Price Struggles Into Bottom of Support Zone

Subscribe to our Newsletter

* indicates required
Email Address *
First Name
Last Name
News Categories of Interest