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Ether Price Attempting a Downside Break

By

Aayush

Jindal

Guest AnalystETHNews.com

ETH/USD struggled yesterday to clear the $8.50 level, and as a result Ether price is now moving slowly in the negative territory.

Key Highlights

There was a slight increase in the bearish pressure on Ether price against the US Dollar and Bitcoin.
The ETH/USD pair is currently attempting a break below a major bullish trend line formed on the 2-hours chart.
A successful close below it may call for a downside move towards the $8.10 or $8.00 support.

Technically, the 30-min chart indicators have turned bearish, which is an initial warning sign.

ETH/USD Heading Lower?

We saw ranging and consolidation moves in Ether price against the US Dollar and Bitcoin for the past few sessions. However, it looks like there is a risk emerging of a downside break in ETH/USD.

Ethereum ETH USD Forecast Chart

There is a monster bullish trend line on the 2-hours chart of ETH/USD, which is currently at a risk. The pair is attempting a downside break, which is not yet confirmed.

If Ether price closes below the trend line support, it may open the doors for a downside reaction. In that case, there can be a slide towards the most important support area at $8.10- 8.00.

There was a failure to break higher above a bearish trend line on the same chart, which resulted in an increase in the bearish pressure. The pair has closed below the 23.6% Fibonacci retracement of the last wave from the $8.02 low to $8.62 high, which adds to the pressure.

When we drop down to the 30-min chart of ETH/USD, there is a break below a support trend line visible, which called for a downside move. The pair at the moment approaching an intermediate support at $8.35 (hourly pivot for today).

Ether Price Analysis Chart

On the upside, there is a bearish trend line, acting as a resistance and barrier for a push higher. I think if the pair fails to break $8.35 and bounces back, then it may avoid a downside break on the 2-hours chart trend line.

So, the $8.35 support holds the key in the short term for a downside break towards $8.10- 8.00.

Important Resistance Levels

$8.40 and $8.55

Important Support Levels

$8.35 and $8.00

30-min RSI

The RSI technical indicator is well below the 50 level, suggesting a negative bias.

30-min MACD

The MACD is in the bearish slope, signaling further 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

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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.