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ETH/USD Downtrend Intact for This Reason





Ether price continue to face selling pressure against the US Dollar and Bitcoin. ETH/USD has clearly formed a downtrend with strong resistance at $9.80 and $10.00.

Key Highlights

Ether price during the recent decline traded as low as $9.45 against the US Dollar.
The ETH/USD pair is currently correcting higher, but may face sellers near the $9.75-80 resistance.
There is also a descending channel pattern formed on the 4-hours chart, acting as a catalyst for the downside move.

Technically, the 4-horus chart indicators continue to head south, suggesting more declines.

Ether Price Support Now Resistance

There was a monster break in Ether price yesterday, as it cleared the all-important $10.00 support against the US Dollar. The downside move was accelerated and the price traded as low as $9.45.

Ether Price Analysis Chart

There is a base forming at $9.45 in ETH/USD, and the pair is currently attempting to correct higher. However, a recovery won’t be easy as there are many hurdles on the way up, waiting to prevent gains in Ether price.

An initial resistance on the hourly chart is a bearish trend line at $9.75. The stated level is also the 23.6% Fib retracement level of the last drop from the $10.35 to $9.45 low. The next resistance on the upside is just above $9.80.

The $9.80 resistance was a support earlier, and now it may act as a barrier for an upside move. When we look at the 4-hours chart of ETH/USD, there is a monster descending channel formed. It is currently acting as a downside move catalyst and taking the pair down slowly.

Ethereum ETH to USD Forecast

The channel support on the downside is around $9.50-40, and the resistance is at $10.00. It looks like the pair has formed a clear downtrend, which may continue until there is a change in the market sentiment for Ether. The upcoming 4th hard fork may play an important role, and could spark a lot of moves in ETH/USD and ETH/BTC.

So, one should trade carefully and plan accordingly.

Important Resistance Levels

$9.80 and $10.00

Important Support Levels

$9.50 and $9.40

4-hours RSI

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

4-hours MACD

The MACD is comfortably placed in the bearish zone, and suggesting more losses.

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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