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ETH/USD Reverses after Tagging $7.90 Resistance

By

Aayush

Jindal

Guest AnalystETHNews.com

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, 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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