Ether Price To Break $10.00 Soon?
|Ether price remained in the bearish zone versus the US Dollar and Bitcoin, and looks set for more declines.|
|The ETH/USD pair is currently struggling to hold the all-important $10.00 support area.|
|A daily close below $10.00 could be a strong bearish sign, which may push the pair towards $8.50-9.00|
Technically, the 4-hours chart suggest an increase in the bearish momentum on the MACD.
ETH/USD Declining Streak
The recent declining streak in Ether price extended during the past 12 hours against the US Dollar and Bitcoin. The ETH/USD pair attempted to move higher once, but failed near $10.40, and similarly ETH/BTC was under heavy selling pressure.
The hourly chart of ETH/USD points how the pair is continuously declining, and every correction faced resistance on the upside. A break below the $10.40 level boosted the downside move, and took the price towards the $10.00 handle.
There is a bearish trend line formed on the same chart, which is currently acting as a resistance and preventing an upside move. Now, we all know how important the $10.00 area is. So, there is now a bearish trend line at $10.15, and $10.00 on the downside as a support.
A break is very likely in the near term, and if ETH/USD clears trend line, the next resistance on the upside could be around $10.40. It was a support recently, and may act as a barrier for further gains.
On the downside, a break below $10.00 will worry me a bit, as it could put Ether price under a lot of selling pressure. The 4-hours chart of ETH/USD shows that the price recently closed below a major support area.
So, it largely increases the chances of a downside break. We need to keep a close eye on $10.00, as it may play a major role in the near term.