Technically, the 12-hours chart is pointing towards more gains in ETH/USD.

ETH/USD New High

Ether price started an uptrend during the last two days against the US Dollar, and traded above the $12.10-20 resistance. There was a new weekly high of $12.67, as the ETH bulls remained in control. At this moment, the sellers are fighting hard to prevent a close above $12.70.

Ether Price Analysis Weekly Chart

So, there is a chance of a minor downside reaction in the near term. An initial support on the downside lies around a bullish trend line formed on the 30-min chart of ETH/USD. The price is currently trading near it, and attempting a break.

A break below the trend line support is possible, which may ignite a minor downside reaction. The next support on the downside is around the 38.2% Fib retracement level of the last wave from the $11.77 low to $12.67 high.

ETH/USD Weekly Forecast

There was a similar downside move yesterday in the form of a correction. The price completed a correction and bounced again to create a new high above yesterday’s high of $12.57.

So, if the price corrects lower from the current levels, then it can be considered as a buying opportunity. The 12-hours chart of the ETH/USD pair is also signaling positive signs. There was a monster consolidation pattern on the same chart, which was broken during the recent upside move.

The highlighted consolidation pattern is a sign that the price is now in an uptrend. The same broken resistance of the consolidation pattern may now act as a support area. We can even consider $12.10 as a major pivot area where the Ether buyers may show up if the price moves down.

Weekly Resistance Levels
$12.70 and $13.00
Weekly Support Levels
$12.20 and $12.10
12-hours RSI
The RSI technical indicator is also gaining pace above the 50 level.
12-hours MACD
The MACD is has now moved from the bearish to bullish zone, calling for more gains.
The content on 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 content to make an investment decision. is not responsible for any investment decision made by you. You are responsible for your own investment research and investment decisions.

Ether Technical Analysis

10-24-2016 Ether Price Struggles Into Bottom of Support Zone
09-19-2016 Ether Price Approaching New High?
09-18-2016 ETH/USD Weekly Forecast – Uptrend Initiated
09-17-2016 Ether Price Spikes, Breaks All Boundaries

Subscribe to our Newsletter

* indicates required
Email Address *
First Name
Last Name
News Categories of Interest