Technically, Last week was relatively positive for ETHUSD as the pair rose steadily. This week can be very interesting as there are chances of a new high.

Buying Paid Off In ETH/USD

In the weekly analysis post, I mentioned that Ether price may correct further lower and then regain bullish bias against the US Dollar. The ETH/USD pair did complete a correction structure near $12.25, and started to trade higher once again.

Ether Price Analysis H4 Chart

Looking at the 4-hours chart of the ETH/USD, there is an ascending channel pattern forming. It was one of the main reasons why the pair managed to find support. There are two back to back bullish candles formed on the same chart, suggesting a possible rejection around the trend line support.

It looks like the pair may continue to trade higher and could even challenge the channel resistance trend line where it could face offers.

Ether Price Analysis Chart

In the short term, the pair is facing a resistance in the form of a bearish trend line on the hourly chart (yellow). Moreover, the same trend line coincides with the 50% Fib retracement level of the last drop from the $14.92 high to $12.25 low, acting as a hurdle for the bulls.

A break above the trend line resistance might open the gates for more gains in ETH/USD. I think one may even consider buying with a break with a stop below the recent low.

Important Resistance Levels
$13.80 and $14.10
Important Support Levels
$13.20 and $13.00
Hourly RSI
The RSI technical indicator is above the 50 level, suggesting more upsides in ETH/USD.
Hourly MACD
The MACD after staying in the bearish zone moved back into the bullish slope.
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Ether Technical Analysis

Today Ether Price Trend Overwhelmingly Negative
07-26-2016 Ether Price Fades Slightly As Sentiment Weakened
07-25-2016 Ether Price Key Reversal Unfolds After Correction
07-24-2016 Ether Price Weekly Analysis – Love For ETH Will Keep Rising

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