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ETH/USD at Risk of Further Declines

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether price continued with the bearish trend against the US Dollar and Bitcoin to form new monthly lows. More losses are likely to follow.

Key Highlights

Ether price continued to face selling pressure against the US Dollar and Bitcoin, and posted intraday losses.
The ETH/USD pair traded below the last swing low to form a new monthly low of $8.71.
It appears that Ether price may extend the current downside move and trade towards $8.50.

Technically, the 4-hours chart indicators are extremely bearish and signaling additional declines.

Ether Price Trend

It looks like the Ether sellers do not want to give up, as the price declined further against the USD and BTC. The ETH/USD pair even broke the last support to form a new monthly low of $8.71.

Ether Price Analysis Chart

The current trend is clearly bearish, and it may continue in the near term since there are no signs of a recovery in Ether price. The ETH/USD pair at the moment trading just above the $8.70 level, which is acting as a support.

One thing to note, there is a bearish trend line formed on the hourly chart, which is acting as a resistance and pushed the price down every time there was an attempt to correct higher.

An initial resistance on the upside is now at $9.00, which is near the trend line and the 23.6% Fib retracement level of the last decline from the $9.77 high to $8.71 low.

A break above it would be very difficult until the Ether buyers succeed in preventing a break below $8.70. If there is a close below $8.70, the price may easily head towards $8.50.

Ethereum ETH USD Chart

The 4-hours chart of ETH/USD is displaying a strong bearish trend with resistances on the upside at $9.0 and $9.50. Any attempt of recovery by Ether price may find hurdles on the upside. So, if you are looking to buy ETH, then be careful in the short term until there is a proper support formed.

Important Resistance Levels

$9.00 and $9.20

Important Support Levels

$8.70 and $8.50

Hourly RSI

The RSI technical indicator is around the oversold readings, but with no sign of a change in direction.

Hourly MACD

The MACD is strongly placed in the bearish zone, and signaling 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, 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 markets

ETHNews is commited to its Editorial Policy

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The content on ETHNews.com is provided for informational purposes only and it is not intended to be, and does not, constitute financial advice or any other advice. You should not rely on any ETHNews.com content to make an investment decision. ETHNews.com is not responsible for any investment decision made by you. You are responsible for your own investment research and investment decisions.