Technically, the indicators on the hourly chart are turning south, which is not a good sign.

Ether Price Struggle to Break $8.80

There was a minor upside move in Ether price against the USD and BTC, but buyers failed to hold the momentum. As a result, the price is again at a risk of a decline in the short term.

Ether Price Analysis Chart

So, what’s stopping further upsides in ETH/USD? There is a major resistance area at $8.80, which is acting as a strong offer zone, and preventing a break. There was another attempt made recently by Ether, but it failed to break it.

The hourly chart of ETH/USD clearly highlights the resistance area and the recent rejections. The pair is currently moving lower, broke a short-term bullish trend line, and currently testing the second trend line support.

It looks like the price may break the trend line support for a test of the 50% Fibonacci retracement level of the last wave from the $7.79 low to $8.75 high where the price may find support.

Ethereum ETH USD Forecast

Looking at the 4-hours chart of ETH/USD, there is a bullish break visible above a bearish trend line. However, there was no momentum after the move. Meaning the chances of it being a false break are very high.

The pair has already started to struggle and currently moving down. It remains at a risk of more losses. Only if the pair manages to capitalize on the recent recovery, there is a possibility of a break above $8.80 for further gains. Until then, the pair may face a lot of selling pressure.

Important Resistance Levels
$8.75 and $8.80
Important Support Levels
$8.20 and $8.00
Hourly RSI
The RSI technical indicator is just above the 50 level and losing momentum.
Hourly MACD
The MACD after staying bullish for some time back into the bearish slope.
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The content on ETHNews.com is provided for informational purposes only and it is not intended to be, and does not, constitute financial advice or any other advice. You should not rely on any ETHNews.com content to make an investment decision. ETHNews.com is not responsible for any investment decision made by you. You are responsible for your own investment research and investment decisions.

Ether Technical Analysis

Today ETH/USD Weekly Forecast: Odds of Further Declines Increase
12-02-2016 Ether Price Rebound Completion Almost Confirmed
12-01-2016 ETH/USD Needs To Capitalize On Recent Recovery
11-30-2016 ETH/USD Forecast: Strong Selling Interest around $8.80
   

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