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Ether Price Drifting Lower Once Again

By

Aayush

Jindal

Guest AnalystETHNews.com

ETH/USD found resistance near $11.50, and moved down. The pair remained well offered and might struggle in the short term.

Key Highlights

Ether price after facing sellers near the $11.40-50 resistance against the US Dollar started trading lower.
The ETH/USD pair settled below a short-term bullish trend line formed on the hourly chart.
There is a major support formed at $10.50, which may stop the current downside move.

Technically, the hourly chart has a Doji pattern, which means the price may trade lower.

ETH/USD Made A Top?

Ether price recently started a recovery, but it looks like it wasn’t a real one. The ETH/USD pair found strong resistance near $11.40-50 against the US Dollar, and moved below the $11.00 handle. Similarly, the ETH/BTC pair faced a lot of bearish pressure, and declined.

Ether Price Analysis Chart

Yesterday, I highlighted a bullish trend line on the hourly chart of ETH/USD, and was hoping for it to act as a support. The pair failed to remain above it, and traded below it. There was also a move below the 38.2% Fibonacci retracement level of the last wave from the $9.67 to $11.42 high.

So, there is a chance that the pair may test the 50% Fibonacci retracement level of the same wave around $10.50. The mentioned support area is very important in the short term, as it was a resistance earlier (as shown in the chart), and now may provide help to the Ether buyers.

Ethereum ETHUSD Forecast Chart

Let’s see how the $10.50 support behaves, and if sellers succeed in breaking it, then we can say safely say the price made a short-term top. In that situation, the bearish trend may resume.

When we look at the 4-hours chart of ETH/USD, a critical rejection near the $11.40-50 resistance is visible. If the highlighted resistance zone continues to act as a barrier, there is a possibility of Ether price breaking the recently formed recovery pattern.

Important Resistance Levels

$11.00 and $11.40

Important Support Levels

$10.50 and $10.20

Hourly RSI

The RSI technical indicator is testing the neutral level, and testing buyers’ strength.

Hourly MACD

The MACD is slowly losing momentum, and may soon move into the bearish slope.

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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