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ETH/USD Failed To Sustain Probes above $10.00





Ether price failed to sustain the momentum above $10.00 against the US Dollar, and the ETH/USD pair is now back in the bearish zone.

Key Highlights

Ether price is back in the bearish zone against the US Dollar after failing to stay above the $10.00 handle.
There is a bearish trend line on the 30-min chart of ETH/USD, which is slowly taking the pair down.
The pair is reaching a couple of important support levels at $9.60 and $9.50, looking at the 2-hours chart.

Technically, the 30-min chart indicators extended the negative slope and pointing further declines.

Ether Price Approaching Support Zone?

I am personally a bit surprised seeing Ether price down even after a successful 4th hard fork. Its means investors were not impressed much, resulting a decline in Ether price versus the US Dollar and Bitcoin.

Ether Price Analysis Chart

The ETH/USD pair failed to sustain move above the $10.00 level, and traded lower. It even broke the last major swing support of $9.80, and tested the $9.60 level.

If we look at the 30-min chart of ETH/USD, there is a bearish trend line formed, which is acting as a downside move catalyst. It is acting as a resistance and preventing an upside break. The pair also recently broke the $9.80-$9.75 support area, which is visible on the same chart.

It looks like there is a high possibility that the pair may continue with the current decline and trade towards the last swing low of $9.60, which may act as a support.

Ethereum ETH to USD Forecast

When we look at the 2-hours chart of ETH/USD, there was a break of the 61.8% Fibonacci retracement level of the recent wave from the $9.45 low to $10.24 high. However, the pair is now reaching a couple of important support levels (as highlighted in the chart) at $9.60 and $9.50.

The highlighted support levels must prevent the downside move. If Ether price fails to stay above $9.50, it may ignite further losses with a possibility of a decline towards $9.20.

Important Resistance Levels

$9.80 and $10.00

Important Support Levels

$9.60 and $9.50

2-hours RSI

The RSI technical indicator is well below the 50 level, and reaching oversold readings.

2-hours MACD

The MACD is extending the current bearish slope with no sign of a recovery.

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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