November 24, 2016 10:29 AM
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.
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.
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.
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
The RSI technical indicator is well below the 50 level, and reaching oversold readings.
The MACD is extending the current bearish slope with no sign of a recovery.
Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession, loves blogging and observing financial marketsETHNews is commited to its Editorial Policy
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