Technically, the 2-hours chart is highlighting a major break, and the next resistance area of $13.50.

ETH/USD Analysis

Yesterday, I highlighted a shift in the trading and technical outlook to positive for Ether. It was true, as both ETH/USD and ETH/BTC registered gains during the past 12 hours and even formed a new weekly high. Let us see how Ether price may perform going forward.

Ether Price Analysis Technical Chart

Once the price managed to close above the $13.10 resistance, there was a sharp spike towards $13.40. There was a new high of $13.36 where sellers stepped in and protected further gains. The 30-min chart clearly suggests that the recent upside move was crucial.

Currently, the ETH/USD pair is correcting lower. It is attempting to close below the 23.6% Fibonacci retracement level of the last wave from the $12.83 low to $13.36. If the price corrects further, the broken resistance of $13.10 may now act as a support.

Ethereum ETH/USD Pair Analysis

Furthermore, there is a bullish trend line formed on the same chart. So, we can say that there is a short-term important support formed near $13.10-05. As long as the price is above it, there is a chance of further upsides going forward.

Another reason why I think the recent break was crucial is because of the 2-hours chart of ETH/USD. Yesterday, I highlighted a trend line break, which recently helped the Ether buyers in gaining strength. A clear bullish break is visible in the H2 chart. The next stop for ETH/USD on the upside could be $13.50, representing a resistance level.

Important Resistance Levels
$13.35 and $13.50
Important Support Levels
$13.10 and $13.00
2-hours RSI
The RSI technical indicator is now attempting to break the neutral level, which may ignite another rally.
2-hours MACD
The MACD is now in the bullish zone, and highlighting a break.
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Ether Technical Analysis

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09-28-2016 Ether Price Sighting Further Upsides
09-27-2016 Ether Price Trading & Technical Outlook Turns Positive

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