Technically, the 12-hours is showing that ether price may come back to life soon.

Ether Price Analysis

Let us start with a recap of this past week. There was a bullish wave in Ether price against both the US Dollar and Bitcoin this past week. Both ETH/USD and ETH/BTC pairs traded with a positive tone, and registered good gains. Later, they both found sellers and started a correction wave.

Ether Price Analysis Technical Chart

The ETH/USD pair during the recent correction traded from a high of $14.31 to $12.71. It is now finding support and attempting to move back higher. When we look at the hourly chart, there is a bearish trend line formed, protecting an upside move in ETH/USD.

There is also a major resistance area formed at $13.50 (as highlighted in yesterday’s post), which is protecting gains. The stated resistance also coincides with the 50% Fibonacci retracement level of the last drop from the $14.31 high to $12.70 low. So, it won’t be easy for the buyers to break it.

First, if the Ether buyers manage to break the trend line resistance, there is a chance of a retest of $13.50. Any further gains may put the price back in the bullish area with a potential of a move towards $14.20.

ETH/USD Weekly Forecast Ethereum

When we look at a higher time frame chart like 12-hours, we can see a lot of reasons why ETH/USD remains supported. There are two critical bullish trend lines formed on the chart, which may act as a barrier for sellers on the downside.

Moreover, the chart also shows why the $13.00-$12.80 area is a significant support and may act as a buy zone. So, if you are looking to buy Ether, then consider placing a stop below the highlighted trend lines.

Weekly Resistance Levels
$13.50 and $14.00
Weekly Support Levels
$13.00 and $12.80
12-hours RSI
The RSI technical indicator is sitting near the 50 level, with no major direction.
12-hours MACD
The MACD is just in the bullish zone, and waiting for the bulls to take control.
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

Today ETH/USD Weekly Forecast: Odds of Further Declines Increase
09-26-2016 ETH/USD Bullish Momentum To Increase Above $13.10
09-25-2016 ETH/USD Forecast – Win-Win For Ether Buyers
09-24-2016 Ether Price Short-Term Bearish Potential
   

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