Technically, the hourly chart is pointing extreme overbought conditions and suggesting caution.

ETH/USD New High

There was another push in Ether price against the US dollar during the past 24 hours, as the bulls took over. The ETH/USD pair managed to break a couple of important resistance levels during the recent upside drift, including the $13.00-20 handle.

Ether Price Analysis Technical Chart

Yesterday, I highlighted that there is a chance of a new weekly high in ETH/USD. The pair did climb higher and not only posted a new weekly high, but also broke the monthly high. A new high is formed at $13.94, and it looks like the ETH buyers are not done yet.

There was a resistance trend line on the hourly chart of ETH/USD, which was broken during the recent upside ride. The same trend line may now act as a support if the pair moves down from the current levels. Moreover, there is also a bullish trend line on the downside, waiting to provide support.

Ethereum ETH/USD Pair Analysis Chart

The technical indicators on the hourly chart are highlighting extreme overbought conditions, which may result a minor correction. In that case, the 23.6% Fib retracement level of the last wave from the $11.91 low to $13.94 high might act as a support area.

When we look at the bigger picture, the daily chart of ETH/USD suggests that the pair is trading near a major resistance band area. So, there is a possibility that we may witness a reaction in ETH/USD around $14.00. The price may correct sharply lower if the highlighted resistance manages to contain gains in the short term.

Important Resistance Levels
$14.00 and $14.20
Important Support Levels
$13.65 and $13.40
Hourly RSI
The RSI technical indicator is around extreme overbought levels, and waiting for a dip.
Hourly MACD
The MACD is super bullish with no major signs of a pullback.
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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
09-21-2016 Ether Sellers Protecting $14.00-20 Vs Dollar
09-20-2016 Ether Price Continuous Gains Amid Devcon2
09-19-2016 Ether Price Approaching New High?
   

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