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Ether Price Back To Square One

By

Aayush

Jindal

Guest AnalystETHNews.com

ETH/USD backed down from the $10.35 resistance area. The pair is once again under a bearish pressure after the recent failed recovery attempt.

Key Highlights

Ether price after an upside move towards the $10.35-40 levels against the US Dollar failed, and moved down sharply.
The ETH/USD pair is currently retesting the $10.00 support, which is again playing its part well.
It looks like the pair failed to sustain the bullish move, and now back in the negative zone.

Technically, the hourly chart indicators are bearish, and pointing further declines in Ether price.

ETH/USD Failed Recovery Attempt

Yesterday, we witnessed a bounce in Ether price versus the US Dollar after the announcement of 4th hard fork: Spurious Dragon block number by the Ethereum Foundation.

Ether Price Analysis Chart

However, it looks like the upside move was false. The ETH/USD pair traded as high as $10.35 and then backed down. There were 2-3 attempts to break the stated level, but there was no break.

As a result, the price declined, and during the downside move broke the 50% Fibonacci retracement level of the last wave from the $9.86 low to $10.35 high. The pair even broke the $10.20 support, which was a clear signal that the price may retest the $10.00 support.

The price declined further and even broke the $10.00 support once. However, there was no proper close below it, as a bullish trend line formed on the hourly chart is currently defending the downside move.

There are clear rejection patterns visible on the hourly chart, and suggests that the price is back in the bearish zone. When we look at the 4-hours chart of ETH/USD, we will understand the real reason of the recent failure.

Ethereum ETH/USD Forecast chart

There is a crucial bearish trend line, which acted as a barrier and preventing the upside move. In short, the price is back testing a major support. A break and close below $9.85 might trigger more losses.

On the other hand, only a break above the trend line resistance on the 4-hours chart could initiate a real bullish wave.

Important Resistance Levels

$10.20 and $10.35

Important Support Levels

$10.00 and $9.85

Hourly RSI

The RSI technical indicator has reached the oversold readings, which may result in a minor upside correction.

Hourly MACD

The MACD is now back with in the bearish zone with strong momentum.

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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