On a follow through buying interest above $12.00, the ETH/USD pair is likely to make a fresh attempt to reclaim $12.60, which if conquered should lift the pair towards $13.00.

Ether Price Recovery

Ether buyers were successful in defending the $11.60-40 support versus the US Dollar, lifting the market sentiment for a short-term rally. The ETH/USD pair spiked higher and attempted to reclaim $12.00 handle where it found sellers.

Ethereum Ether Price Analysis Chart

During the recent spike, the pair managed to clear a short-term consolidating pattern, as highlighted on the hourly chart. The last three candles are suggesting bullish sentiment, which can send the pair further higher. If there is an increase in buying interest, the pair could easily drift towards the $12.60 resistance.

The stated resistance level holds a lot of value as we have witnessed earlier this week. It was the main reason of the recent decline in Ether price. If the pair retests it, then it would be interesting to see how sellers react and whether they would be able to defend it or not.

Ether Price ETH Trend Chart H4

The 4-hours chart of the ETH/USD pair clearly highlights its significance. However, the recent 4-hour candle is shaping up nicely and may push the pair higher in the short term.

In my view, the recent moves suggest a decent recovery in ETH/USD, but as long as the price is below $12.60 I would not prefer to bet on any major gains.

Important Resistance Levels
$12.00 and $12.60
Important Support Levels
$11.60 and $11.40
Hourly RSI
The RSI technical indicator has moved above the 50 level, and signaling more gains ahead.
Hourly MACD
The MACD is back in the bullish zone, which is a good sign.
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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
08-13-2016 Ether Price Still In Consolidation Mode above Short-Term Support
08-12-2016 Can Ether Price Make a Sustained Move Higher?
08-11-2016 ETH/USD Forecast - Is This ‘THE' Correction?
   

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