Key Highlights
Ether price made a lower low against the US Dollar, signaling a continuation of the bearish trend.
The ETH/USD pair broke the last swing low of $11.29 to form a new minor low of $11.26.
The pair looks like building on the bearish momentum below $11.60, and may form another lower low below $11.26.

Technically, the pair is sustaining its move below 21-hour SMA and hence, seems more likely to extend its near-term downward trajectory.

ETH/USD Eyeing $11.120?

Ether price made another run towards the $11.20 support area against the US dollar yesterday, but failed to test it. There was a new low formed at $11.26, which can be considered as a lower low and a failed attempt to surpass the $11.20 support.

Ether Price Analysis Chart

The price moved back higher, but could not sustain the bullish momentum, and found resistance near $11.60. There is a bearish trend line formed on the 30-min chart of ETH/USD, acting as a hurdle for an upside move. It prevented gains on more than three occasions, and as a result, there was a downside reaction.

The ETH/USD pair recently broke the 50% Fibonacci retracement level of the last wave from the $11.26 low to $11.58 high. It means the pair may have just completed a correction pattern, and could retest the last swing low of $11.26.

Ethereum ETHUSD Pair Chart

There is even a chance of creating another lower low below $11.26. In that situation, it would be interesting to see how the $11.20 support performs. It is likely to act as a critical barrier for any major downsides.

When we look at the 2-hours chart of ETH/USD, there is a clear bearish trend. There are two resistance trend lines, contributing to the pair's bearish momentum during the course of the week. The only hope for buyers lies with the $11.20 support.

Major Resistance Levels

$11.50 and $11.60

Major Support Levels

$11.20 and $11.00

30-min RSI

The RSI technical indicator failed to gain pace, and now heading lower towards the 30 level.

30-min MACD

The MACD after showing a few positive signs now back into the bearish zone.
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
10-29-2016 ETH/USD Forecast: Negative Sentiment Persists
10-28-2016 Ether Price Building On Bearish Momentum
10-27-2016 Ether Price Poised For Continued Weakness

Subscribe to our Newsletter

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