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Ether Price Analysis
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ETH/USD at Risk of Further Losses





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. 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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