Technically, the hourly chart shows that the price has advanced well above its moving averages and currently positioned in the positive territory.

ETH/USD Weekly Gains

Yesterday, I mentioned that the recent moves in Ether price are convincing and calling for more gains against the US Dollar. There was a nice upside reaction in the ETH/USD pair recently, as it traded above $11.60-80 resistance levels to settle above $12.00.

Ethereum Ether Price Analysis Chart

A 4-hour close above $12.00 is definitely a positive sign and shows that Ether bulls won a major battle. Now, they have to stay in action and take the price further higher. On the upside, there is a crucial juncture near $12.50-60.

The stated levels are acting as an offer zone and already prevented an upside move two times. So, the bulls need to clear it soon or it may pose a threat of a downside reaction. There is a bullish trend line formed on the hourly chart of the ETH/USD pair, which can be considered as a trend catalyst.

Ether ETH Price H4 Chart

As long as the price above the trend line support, it may break higher to challenge $13.00. On the flip side, a break below the trend line may call for a short-term correction. In that situation, a test of 38.2% Fib retracement level of the last wave from the $10.25 low to $12.55 high is possible.

We should not discard the importance of $12.50-60. It acted as a major junction earlier (as can be seen in the 4-hours chart of ETH/USD). So, it won’t be easy for the bulls to clear it. Overall, a break above $12.60 could take ETH/USD towards $13.00 else a correction wave may be initiated.

Important Resistance Levels
$12.50 and $12.60
Important Support Levels
$12.20 and $12.00
Hourly RSI
The RSI technical indicator is well above the 50 level, which is a positive sign.
Hourly MACD
The MACD is strongly bullish, and showing no signs of a correction.
Disclaimer:
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

12-04-2016 ETH/USD Weekly Forecast: Odds of Further Declines Increase
08-11-2016 ETH/USD Forecast - Is This ‘THE' Correction?
08-10-2016 Ether Buyers Emerge Winners, $13.00 On The Cards?
08-09-2016 Ether Price Breaking Higher, More Gains Ahead
   

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