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ETH/USD at Risk of Further Losses

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether price failed to hold a monster support area against the US Dollar. The same support in ETH/USD may now act as a resistance on the upside.

Key Highlights

Ether price declined yesterday against the US Dollar and broke a major support at $7.50.
Yesterday’s highlighted range support on the 4-hour chart was broken in ETH/USD to clear the way for downsides.
The pair traded as low as $7.12 and started consolidating losses.

Technically, the indicators on the 4-hour chart are extending their bearish slope, signaling more losses.

Ether Price Struggle Continues

We have been tracking a major support area in ETH/USD pair at $7.50. The pair kept on finding bids around the stated level until yesterday.

Ether Price Analysis Chart

The downside move got momentum, and as a result, there was a break below the mentioned important support. The pair extended its decline and traded a few points below $7.20 to post a new weekly low of $7.12.

The ETH/BTC pair was also under a lot of bearish pressure due to the recent rise in Bitcoin price, which further increased bearish pressure on the Ether.

The hourly chart of ETH/USD clearly suggests that the pair struggled lately, and failed to hold $7.50. At the moment, there is a recovery underway, which may face resistance near a bearish trend line formed on the hourly chart.

However, the most important resistance is near $7.50. As we all know it was a crucial support, and going forward could act as a barrier for more gains.

Yesterday’s highlighted range support around the same level on the 4-hours chart was broken. It now represents the 23.6% Fibonacci retracement level of the last decline from the $8.62 high to $7.12 low.

Ethereum ETH/USD Forecast Chart

So, we can say that the $7.50 level is a now a critical resistance zone. If there is a correction in ETH/USD, there can be offers near the stated resistance.

On the downside, a daily close below the $7.20 level may call for a full test of the $7.0 handle in the near term.

Important Resistance Levels

$7.50 and $7.80

Important Support Levels

$7.12 and $7.00

4-hours RSI

The RSI technical indicator is reaching the oversold readings, but now sign of a major correction yet.

4-hours MACD

The MACD is now placed well in the bearish 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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