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ETH/USD Attempts to Post More Losses

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether price traded at fresh Intraday lows of $8.00, amid continued dollar’s strength after the fed interest rate decision. Can ETH/USD recover from $8.00?

Key Highlights

Ether price yesterday’s downside break attempt was successful against the US Dollar.
The ETH/USD pair broke and settled below a major bullish trend line formed on the 2-hours chart.
The pair is currently trading near an important support at $8.00, which holds the key for more losses.

Technically, the 2-hours chart indicators are gaining strong bearish momentum, which may ignite further declines in ETH/USD.

Ether Price Aiming Fresh Lows?

Yesterday, the Federal Reserve Bank fulfilled the market expectation, and increased the interest rates from 0.5% to 0.75%. It ignited a strong dollar buying interest, which in turn sparked a downside move in ETH/USD.

Ethereum ETH/USD Forecast

Ether price was seen struggling yesterday as well when I highlighted a possible downside break on the 2-hours chart against the US Dollar. The break was successful, and once there was a close below the bullish trend line support, Ether sellers gained momentum.

There was a sharp downside move, breaking the 61.8% Fibonacci retracement of the last wave from the $8.02 low to $8.62 high. The ETH/USD pair is currently trading near a monster support area at $8.00.

The highlighted support holds a lot of value, as it prevented downsides earlier as well. So, there is a chance of Ether price recovering from the stated support.

If that happens, then an initial resistance on the upside could be around $8.10. Looking at the 30-min chart, the mentioned level was a support earlier and may now act as a resistance.

Ether Price Analysis Chart

Above $8.10, there is a bearish trend line waiting on the same chart at $8.2 to act as a barrier for upsides. The stated level also represents the 38.2% Fibonacci retracement level of the recent decline from the $8.53 high to $7.94 low.

Overall, we need to see if there is a proper close below $8.00 or not. If there is a close, the ETH/USD pair may attempt to post more losses.

Important Resistance Levels

$8.10 and $8.20

Important Support Levels

$8.00 and $7.80

2-hours RSI

The RSI technical indicator has reached the oversold readings, but still pointing north.

2-hours MACD

The MACD is placed strongly in the bearish slope, calling for 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

ETHNews is commited to its Editorial Policy

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