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ETH/USD Struggles To Gain Bullish Momentum

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether price after correcting a few points higher against the USD failed and started moving lower one again to attempt a break below $7.70.

Key Highlights

Ether price remained lower against the US Dollar and Bitcoin, as the market sentiment faded.
The ETH/USD pair after a minor correction towards $7.90 found resistance, and moved down.
The 2-hours chart suggests that the pair may break the last swing low of $7.70 for further losses.

Technically, the 2-hours chart indicators are positioned well in the bearish zone with no sign of a short-term recovery.

Ether Price Struggle Continues

The ETH/USD pair corrected to $7.92, its highest for yesterday, pulling down intraday to $7.70, to finalize the day with a bearish tone. It looks like a minor correction wave was completed, and the pair is back in a downtrend.

Ether Price Analysis Chart

The recent upside move was stalled near the 38.2% Fibonacci retracement level of the last decline from the $8.19 high to $7.70 low. Once the pair found resistance near $7.90, there was a contracting triangle pattern formed on the 30-min chart.

The pair consolidated for some time inside the triangle pattern before making a downside move. The triangle support at $7.82 was broken to clear the way for a down move.

Ether price traded lower, and broke the last swing low of $7.71. At the moment, it looks like the ETH/USD is currently attempting to hold the $7.70 level, but the momentum is such that is won’t be easy.

A break below $7.70 is very likely, which could take the pair towards the 1.618 extension of the last wave from the $7.71 low to $7.92 high at $7.55. When we have a look at the 2-hours chart of ETH/USD, the trend is clear.

Ethereum ETH/USD Forecast Chart

The pair is currently attempting to settle below the last swing low, which may further ignite more losses. On the upside, an initial resistance is around a bearish trend line at $7.85-90.

However, the most important resistance on the upside is near $8.00. It is a major weekly pivot and could act as a strong barrier for the Ether buyers.

Important Resistance Levels

$7.85 and $8.00

Important Support Levels

$7.70 and $7.55

2-hours RSI

The RSI technical indicator is reaching oversold readings with no sign of a recovery.

2-hours MACD

The MACD is strongly placed in the bearish area, and about to 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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