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Ether Price Rebound Completion Almost Confirmed

By

Aayush

Jindal

Guest AnalystETHNews.com

ETH/USD completed a correction wave, and started trading lower. Ether price now remains at a risk of further declines if $8.00 is broken.

Key Highlights

Ether price started a rebound two days ago against the US Dollar and Bitcoin until it found sellers on the upside.
The ETH/USD pair upside stopped at $8.80, and it looks like the rebound is now complete.
The pair is already moving lower, and it may extend the downside if there is a break below $8.00.

Technically, the indicators on the 4-hours chart are back in the bearish zone, signaling downsides.

Can ETH/USD Break $8.00?

The recent upside move, which was a part of a rebound in Ether price against the USD and BTC completed yesterday. The price failed to retain the bullish momentum, and started declining.

Ether Price Analysis Chart

I highlighted how the $8.80 level acted as a giant resistance for ETH/USD, and pushed the pair down. There was a ray of hope that the pair may again find bids on the downside. However, it failed as there was a break below the 50% Fibonacci retracement level of the last wave from the $7.79 low to $8.75 high.

There was also a move below a bullish trend line formed on the hourly chart of ETH/USD. Many clear rejection patterns are visible in the chart, suggesting a downside move in Ether price.

The price is currently approaching a major support at $8.00. It holds a lot of importance in the short term, and the Ether buyers are likely to show interest around the mentioned level.

Ethereum ETH USD Chart

If they succeed in defending the $8.00 support, there is a chance of a bounce back towards the $8.50 level. Looking at the 4-hours chart of ETH/USD, there was a bullish break yesterday.

However, it looks like there was another trend line on the upside, which acted as a resistance and pushed the pair down. The last 3-4 candles on the H4 chart are super bearish, and signaling further declines in Ether price.

Important Resistance Levels

$8.50 and $8.80

Important Support Levels

$8.00 and $7.80

4-hours RSI

The RSI technical indicator got rejected near the neutral level and currently heading south.

4-hours MACD

The MACD is back in the bearish zone and may extend the slope.

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

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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.