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Ether Price Analysis
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ETH/USD Reverses after Tagging $7.90 Resistance





Ether price was once again rejected near $7.90-$8.00 against the US Dollar. ETH/USD is now trading lower and remains at a risk of a breakdown.

Key Highlights

Ether price after a consolidation moved higher against the US dollar to trade towards $8.00.
There was a complete rejection near the $7.90-$8.00 resistance, as the ETH/USD pair failed to settle above the stated levels.
The pair reversed sharply and moved down to challenge the $7.50 support area.

Technically, the indicators on the 4-hours chart are turning south, which is a warning sign for buyers.

Ether Price Remains a Risk

Recently, Ether price managed to break the $7.75-7.80 resistance against the US Dollar. There were positive signs, but the price could not overcome selling pressure near $7.90.

Ether Price Analysis Chart

The $7.90-$8.00 resistance area acted as a monster resistance for the ETH/USD. There were 3-4 attempts on the hourly chart to break the stated resistance, but the pair failed and rejected.

As a result, there was a sharp downside reaction, taking the pair sharply lower. The downside move was such that the price failed to show respect to the $7.75 support, which was a resistance area and the 61.8% Fibonacci retracement level of the last wave from the $7.58 low to $7.97 high.

There was even a push below the intraday low of $7.58 for a full test of the most important support at $7.50. The pair is currently finding bids near the mentioned support, but remains at a risk of a breakdown.

There is also a connecting trend line on the hourly chart, acting as a support. However, when we look at the 4-hours chart of ETH/USD, there is a lot of selling pressure visible.

Ethereum ETH/USD Forecast Chart

The last H4 candle is super bearish, suggesting the price may break the $7.50 support. It won’t be an easy task to clear $7.50, but if the current bearish sentiment remains intact, there is a chance of a break.

In that case, the price may move towards $7.20. If the $7.50 holds, the $7.75 resistance may be tested again.

Important Resistance Levels

$7.80 and $7.90

Important Support Levels

$7.50 and $7.20

Hourly RSI

The RSI technical indicator was pushed below the 50 level in the bearish zone.

Hourly MACD

The MACD is back in the bearish slope, suggesting a negative bias.

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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