Technically, the 4-hours chart shows that the pair is attempting a crucial break of a triangle pattern, which could define the trend for a few sessions.

Ether Price Recovery

We saw yesterday that the Ether price was trading along a sideways trend versus the US dollar. There was a major support at $11.40. Later, the ETH sellers had an upper hand, as they managed to push the ETH/USD pair below $11.40.

Ether Price Analysis Chart

However, the downside was limited looking at the 30-mins chart, as the price just traded a few basis points below $10.30. It not even did a complete test of the next major support of $11.20. The pair is currently rebounding, and following a minor bullish trend line.

On the upside, there is now a resistance formed just below $11.70 (as can be seen in chart). Looking at the last couple of candles, it seems the current recovery is over and the price may trade lower. On the downside, the trend line is key. If it holds, there is a chance of a ride towards $11.70.

ETH/USD Pair Analysis Ethereum

When we look at the 4-hours chart of ETH/USD, nothing major change occurred. I highlighted a contracting triangle pattern yesterday, which is still in place. The price attempted to break the triangle support, but failed.

ETH/USD is currently trading near the triangle resistance area and facing offers. We will witness a break on the 4-hours chart soon, as the pattern is contracting. It’s very tough to predict the side of break. So. It’s best to wait for a break before making trading decision.

Important Resistance Levels
$11.60 and $11.70
Important Support Levels
$11.40 and $11.20
30-min RSI
The RSI technical indicator is also above the 50 level, but started bending lower.
30-min MACD
The MACD recovered well and currently in the bullish zone.
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Ether Technical Analysis

10-23-2016 ETH/USD Weekly Forecast – Bearish Sentiment Leads
09-10-2016 ETH/USD Forecast – Can Gains Be Retained?
09-09-2016 Ether Price Rebounds After Nosediving Towards $11.20
09-08-2016 ETH/USD Continues Sideways Movement With Bearish Tone

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