Technically, the hourly chart is highlighting a short-term topping pattern around $14.30 level.

ETH/USD Reaction Zone

No doubt, the Ether continued to gain traction and bids during the past 24 hours against the US dollar and the Bitcoin. There was a new monthly high in ETH/USD at $14.31 and 0.0238BTC in ETH/BTC. The ETH/USD pair traded with a positive bias and posted good gains.

Ether Price Analysis Technical Chart

Yesterday, I highlighted a pattern break, which opened the doors for further upsides. The price did clear the $14.00 handle to post a high of $14.31. However, the upside could not last long. In my yesterday’s post I stated that there is a major reaction zone on the 4-hours chart at $14.00.

The price started struggling as soon as there was a move above the stated level. It moved down and now trading below $14.00. There is a bullish trend line formed on the hourly chart of the ETH/USD pair, which may act as a support if the price declines further.

ETH/USD Pair Analysis Ethereum

The 38.2% Fibonacci retracement level of the last wave from the $12.34 low to $14.31 high is also meeting around the trend line. So, there is a chance of buyers appearing and providing support. The 4-hours chart of ETH/USD also points the importance of the same support area.

There was an ascending channel pattern, which was broken during the recent upside. Now, it may act as a support at $13.40-20. The last H4 candle also signals a short-term top, and calling for a correction wave.

Important Resistance Levels
$14.00 and $14.30
Important Support Levels
$13.40 and $13.20
Hourly RSI
The RSI technical indicator is pulling back from the extreme overbought levels, calling for a correction.
Hourly MACD
The MACD is currently in the bullish zone, but slowly fading.
Disclaimer:
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
09-22-2016 Ether Price Ready To Challenge $13.00 Support
09-21-2016 Ether Sellers Protecting $14.00-20 Vs Dollar
09-20-2016 Ether Price Continuous Gains Amid Devcon2
   

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