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Ether Price Analysis
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ETH/USD Struggles To Gain Bullish Momentum





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. 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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