Fundamentally, the Fed’s Janet Yellen speech in Jackson Hole lifted the market sentiment in favor of the US dollar in the short term.

Ether Price Bearish?

There was an excitement when there was a nice upside move in Ether price against the US Dollar. The ETH/USD pair traded towards the $11.50, but failed to holds gains. The $11.40-50 levels acted as a major resistance and prevented an upside move.

Ether Price Analysis Chart Ethereum

The pair made a few attempts to trade further higher, but sellers prevented a break. ETH price is now trading with a slight bearish tone, and following a resistance trend line on the 2-hours chart (as shown in the chart).

On the downside, there is a monster support at $11.20-00. The mentioned levels are a major barrier for sellers. It won’t be an easy job for sellers to clear it. Even the $10.80 area holds a lot of importance, as I have reiterated a lot many times earlier. These support levels are clearly shown in the 2-hours chart of ETH/USD.

ETH to USD Weekly Analysis Chart

Looking at the charts, it looks like the pair is stuck in a major range. On the downside $11.00 is a crucial support and on the upside $11.50 is a barrier for bulls.

We can also see the range clearly on a higher timeframe chart like H12. The 12 hour chart of ETH/USD clearly shows how the price is moving inside a range. In my view, there can be bearish moves in the short term. However, in the medium term the price is ranging before it decides to break it for a move higher towards $14.00.

Weekly Resistance Levels
$11.40 and $11.50
Weekly Support Levels
$11.00 and $10.80
12-hours RSI
The RSI technical indicator is just above the 50 level, which is a positive sign in the medium term.
12-hours MACD
The MACD is mostly flat, suggesting that the price is consolidating in a broad range.
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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

12-04-2016 ETH/USD Weekly Forecast: Odds of Further Declines Increase
08-29-2016 ETH/USD Likely To Bounce Back From Recent Losses
08-28-2016 Ether Weakening Due to Dollar’s Strength?
08-27-2016 What’s Holding Ether Buyers Back?
   

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