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ETH/USD: Here Why $10.00 Support Is So Important

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether price extended its downside move against the US Dollar, but it looks like the $10.00 support area might be able to protect losses going forward.

Key Highlights

Ether price continued is declining streak against the US Dollar, and traded below $10.00.
The $10.00 level holds a lot of importance for the ETH/USD pair, as it acted as a monster support on many occasions.
As long as the pair remains above it, there is a chance of a recovery in the short term.

Technically, the daily chart is suggesting that Ether price is trading near a crucial juncture.

Can Ether Price Recover?

Yesterday, Ether price declined further and posted nasty declines not only against the US dollar, but also versus the Bitcoin. The ETH/USD pair negative sentiment was boosted that took the pair below the $10.00 level. Moreover, the ETH/BTC pair posted a new three month low below 0.0140BTC.

Ether Price Weekly Analysis Chart

When we look at the 2-hours chart of ETH/USD, there was a clear rejection around the $10.00 level. The price sharply recovered after dipping below the stated level, and currently trading above it. The last 3-4 candles on the same chart looks positive, and signaling an initial sign of a possible recovery.

The price also traded above the 23.6% Fibonacci retracement level of the last decline from the $11.52 high to $9.67 low. This can be considered as the second sign. However, it would be very early to call the recent rejection near $10.00 as the start of a recovery.

There is a bearish trend line formed on the same chart, which is a major resistance area on the upside. If there is a break above it, the chances of a reversal may increase in the near term.

Ethereum ETHUSD Weekly Forecast

In order to understand the importance of the $10.00 support, let us look at the daily chart of ETH/USD. We can clearly see that the stated level acted as a monster support area where buyers protected downsides many times.

So, there is a high possibility the price may recover from the $10.00 support zone, and traders need to keep a close eye on it. Remember, a daily close below $10.00 would be a very strong bearish signal, which could result in a monstrous decline.

Weekly Resistance Levels

$11.00 and $11.60

Weekly Support Levels

$10.00 and $9.50

Daily RSI

The RSI technical indicator has reached the oversold readings, calling for a correction.

Daily MACD

The MACD is currently in the bearish zone, but with a divergence.

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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