Key Highlights
Ether price after a minor recovery found resistance against the US Dollar, and traded lower.
The ETH/USD pair formed a higher low, suggesting a bearish trend in the short term.
There are many resistances on the way up for ETH, and a recovery won’t be easy.

Technically, the 12-hours suggests a channel formation with the pair testing support zone.

ETH/USD Trend Analysis

There was another attempt by Ether price to trade higher versus the US Dollar, but it failed to retain the traction. The price formed a higher low, and faced resistance near the $10.65-70 levels.

Ether Price Analysis Chart

Looking at the hourly chart, it is quite clear that there are many hurdles for the ETH/USD pair on the upside. First, there are two bearish trend lines coinciding at $10.60. Second, the previous support turned resistance at $10.75-80. Third, the 61.8% Fibonacci retracement level of the last decline from the $11.02 high to $10.24 low.

The last four hourly candles were bearish, and pointing towards the amount of bearish pressure on ETH/USD. Furthermore, the price is forming a higher-low pattern, which means there is a chance of a dip towards the last swing low of $10.24.

Ethereum ETH/USD Forecast Chart

When we look at the wave count, the price is currently in the 5th wave, having the potential of further losses. Let us look at a higher timeframe chart to know better. The 12-hours chart of ETH/USD is constructive, and there is a sideline channel pattern formed.

The pair is currently trading near the channel support area. So, there can be two possibilities. The price may break it for a move towards $10.00 or it can bounce and attempt to recover some ground. The chances of a downside move are more since the indicators are pretty bearish and not signaling any kind of recovery at the moment.

Important Resistance Levels

$10.65 and $10.80

Important Support Levels

$10.25 and $10.00

12-hours RSI

The RSI technical indicator is below the 50 level and pointing south.

12-hours MACD

The MACD is almost flat, but with slight bearish momentum.
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Ether Technical Analysis

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