Technically, the 2-hours chart is signaling a hammer pattern, which may spark an upside move.

Ether Price Breaks Resistance

Yesterday, I highlighted a short-term bearish scenario for Ether price. It did trade lower, as both ETH/USD and ETH/BTC pairs fell below $13.00 and 0.0215BTC respectively. However, losses were limited, as I mentioned yesterday that Ether price pullbacks are likely to be shallow.

Ether Price Analysis Technical Chart

The analysis did play well, as the ETH/USD pair broke the $13.00 handle, but found support near $12.90. The price after trading as low as $12.92 gained bids and traded higher. There is a clear rejection pattern visible on the 30-min chart.

There was also a bearish trend line break noted on the same chart. Furthermore, the price settled above the 38.2% Fibonacci retracement level of the last drop from the $13.26 high to $12.92 low. It is a clear signal that the price was rejected, and currently positioning for a bullish wave.

ETH/USD Forecast Ethereum

The ETH bulls need a close above the $13.00 handle for a ride towards $13.25 at least. When we analyze the 2-hours chart, there are a couple of important points to note. First, the price bounced from a support, which was prevented the downside move earlier as well. Second, there is a crucial bullish pattern forming.

The last candle looks like shaping up as a hammer. If the pattern is true, it is a signal of a bullish set-up. The price may surge higher and even clear the $13.20 resistance. In my view, there are enough signs to call for an upside move in the short term at least towards $13.25.

Important Resistance Levels
$13.10 and $13.25
Important Support Levels
$13.00 and $12.92
30-min RSI
The RSI technical indicator now above the 50 level and heading north.
30-min MACD
The MACD has moved from the bearish to bullish slope, which is a good sign.
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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
10-01-2016 Ether Price Back In Range; What’s Next?
09-30-2016 ETH/USD Forecast – Ether Forming Bullish Set-Up?
09-29-2016 Ether Price Pullbacks Likely To Be Shallow
   

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