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Ether Price Remains Vulnerable Below $10.00





ETH/USD after hovering above the $10.00 support for some time broke down, and now remains at a risk of further losses in the near term.

Key Highlights

Ether price broke down against the US dollar and cleared the $10.00 support.
The ETH/USD pair is now below $10.00, which may act as a resistance if the pair corrects higher.
Ether remains vulnerable below $10.00, and there is a risk of additional declines in the short term.

Technically, the 4-hours chart indicators are reaching extreme levels, which may spark a correction.

ETH/USD: $10 Now Resistance

I kept highlighting the importance of the $10.00 support in ETH/USD, but it looks like the bearish pressure on Ether price did the trick. The price traded below the stated support and there was even a H4 close, signaling a crucial break.

Ether Price Analysis Chart

Looking at the hourly chart, there was a clear break below $10.00. The bearish trend line was able to protect the upside move and pushed the price down. A new low was formed at $9.86, and the price is just consolidating below $10.00 at the moment.

There is a very tiny range formed, and it looks like the price is preparing for another downside move. On the upside, the same support area at $10.00 may now act as a resistance and prevent gains. Moreover, the 23.6% Fib retracement level of the last decline from the $10.64 high to $9.86 low.

Even the 4-hours chart of ETH/USD is signaling a clear downtrend. The recent break was crucial, and may ignite further pressure. On the upside, there are a couple of bearish trend lines formed, which acted as a hurdle on many occasions.

Ethereum ETH to USD Forecast

The recent two H4 candles are tiny bullish, and may produce a bounce in Ether price. However, the highlighted trend lines may come into the picture in that case. In short, it looks like ETH/USD broke a monster support area, which may result in an increase in the bearish pressure.

Important Resistance Levels

$10.00 and $10.40

Important Support Levels

$9.80 and $9.60

4-hours RSI

The RSI technical indicator has reached extreme oversold area, which may ignite a minor recovery.

4-hours MACD

The MACD is strongly placed in the bearish zone, but looks exhausted.

Aayush Jindal

Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis. He strives to provide entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession and loves blogging.

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