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ETH/USD Testing Support Confluence Near $8.00

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether price failed to settle above the $8.50-60 resistance area and started a correction. ETH/USD is currently finding support near $8.50-60.

Key Highlights

Ether price corrected lower against the US Dollar, and currently testing a major support area at $8.00.
The 6-hour chart of ETH/USD clearly suggests that the pair is holding a crucial support area.
The same chart also points why the price failed to break the $8.50-8.60 resistance area.

Technically, the indicators on the 2-hour chart are mild bearish putting the price at risk.

Ether Price Correction Wave

There was a correction wave initiated in Ether price yesterday against the US Dollar and Bitcoin. The ETH/USD pair moved below the $8.20 support area and currently testing a major support area at $8.00.

Ether Price Analysis Chart

Yesterday, I mentioned that there is a chance of Ether price extending the current correction wave towards the $8.00 support. The stated level holds a lot of importance, as it was a resistance earlier and now acting as a barrier for more declines.

The same area also represents the 38.2% Fib retracement level of the last wave from the $7.04 low to $8.55 high. When we look at the 6-hour chart of ETH/USD, there is a clear hurdle for sellers near $8.00.

It may protect more downsides in Ether price, and at the same time, if there is a break, then the price could again come under pressure. The recent failure near $8.50-8.60 was also important. It represents the previous swing area for ETH, which protected gains earlier in the second week of Dec 2016.

When we have a look at the 2- hour chart of ETH/USD, it looks like the price is currently struggling to hold the $8.00 support. The last 2-3 bearish candles on the 2-hour chart of ETH/USD clearly suggests that the pair might break the highlighted support.

Ethereum ETH/USD Chart

In the stated case, the $7.85-7.80 level may come into the picture as a support. It points the 50% Fib retracement level of the last wave from the $7.04 low to $8.55 high.

Overall, the $8.00 holds a lot value, must remain intact if the price has to bounce back.

Important Resistance Levels

$8.20 and $8.50

Important Support Levels

$8.00 and $7.80

2-hour RSI

The RSI technical indicator is heading towards the 50 level and support area.

2-hour MACD

The MACD is about to move from the bullish to 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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