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Ether Price Analysis
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Ether Price Attempting a Downside Break





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. He strives to provide entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession and loves blogging.

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