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Ether Price Continues To Tumble

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether price remains at a risk of further declines, as both ETH/USD and ETH/BTC pairs failed to post any recovery during the past few days.

Key Highlights

Ether price made no major attempt over the weekend to recover against the US dollar and Bitcoin.
The ETH/USD pair declined further and made a new low once again, breaking the last support at $7.38.
The ETH/BTC also tumbled and broke a monster support area at 0.010BTC.

Technically, the 2-hours chart indicators suggest another downside break with potential of a move towards $7.00.

Ether Price Downside Break

The past few weeks were very bad for Ether price, as it faced a lot of selling pressure against both majors (USD and BTC). The ETH/USD pair decline to a new 4-month low, and traded as low as $7.32. Similarly, the ETH/BTC pair broke an important support at 0.010BTC, and closed below the same.

Ether Price Analysis Chart

Looking at the 30-min chart of ETH/USD, it looks like the pair was recently rejected near a declining trend line at $7.60. The same trend line acted as a resistance on 3-4 occasions, and may continue to stop an upside move.

On the downside, there is a support trend line, which is currently holding the price at $7.35. The price recently broke the last swing low of $7.38 to form yet another 4-month low at $7.32.

If looks like there is a chance of a minor upside in ETH/USD, but the trend line resistance may come into action and prevent further gains.

Ethereum ETH USD Forecast Chart

When we look at the 2-hours chart of ETH/USD, there is a monster bearish trend line, acting as a downside move catalyst. It acted as a resistance many times, and stopped upsides in Ether price.

There has been an increase in selling pressure lately, which pushed the price below a minor support trend line at $7.50. If the current candle closes below the highlighted support, there can be additional losses with potential for a move towards $7.00.

Important Resistance Levels

$7.65 and $8.00

Important Support Levels

$7.30 and $7.10

2-hours RSI

The RSI technical indicator is around the oversold area with negative bias.

2-hours MACD

The MACD continues to extend the bearish slope and signaling more declines.

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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