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ETH/USD Explodes Below $10.00 Support

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether price declined heavily during the past few hours versus the US Dollar and Bitcoin. More losses are likely in ETH/USD and ETH/BTC.

Key Highlights

Ether price after an hourly close below the $10.00 support against the US Dollar declined heavily.
There was a sharp decline in ETH/USD and the pair even traded below the $9.80 support.
The downside move was initiated once the pair broke the $10.00 support area.

Technically, the hourly chart indicators are pointing extreme bearish sentiment.

Ether Price Declines Further

Yesterday, we saw how Ether price was rejected around the $10.35 level against the US Dollar, which initiated a downside wave. It looks like the ETH/USD pair extended the decline and registered heavy losses.

Ether Price Analysis Chart

There was a successful close below a major support area of $10.00 and then $9.80. As a result, the pair fell sharply and traded towards the $9.50 level. When we look at the hourly chart of ETH/USD, there was a clear break below a major support area just below $10.00.

There was a breakout pattern on the same chart with resistance as a sloping bearish trend line. It can be considered as a monster break, and may ignite further declines in ETH/USD going forward.

If the pair corrects higher, the same broken support could now act as a resistance and stop the upside move. It also coincides with the 50% Fibonacci retracement level of the last decline from the $10.20 high to $9.66 low.

Ethereum ETH USD Forecast

When we look at the 4-hours chart of ETH/USD, there is also a break visible. Although the current candle has not closed below the support yet, but looking at the momentum, it looks like it may close below it.

On the upside, there are also a couple of bearish trend lines, waiting to act as a hurdle if Ether price attempts to correct higher. Overall, there is a lot of bearish pressure on ETH, and any recovery from the current levels won’t be easy.

Important Resistance Levels

$10.00 and $10.10

Important Support Levels

$9.40 and $9.20

Hourly RSI

The RSI technical indicator has reached the oversold readings but not willing to recover.

Hourly MACD

The MACD is strongly placed in the bearish zone with no signs of a correction.

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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