Technically, the hourly chart is pointing the possibility of a break above today’s high at $13.52.

ETH/USD Resistance Now Support

Yesterday, I highlighted a monster resistance area at $13.25 for the ETH/USD pair, and mentioned how many times the Ether bulls failed to break it. Finally, there was a break above it, which cleared the way for the bulls to push the price further higher.

Ether Price Analysis Chart

There was a new weekly high formed at $13.52, and it looks like they have not finished yet. There was a minor correction already from the recent high. It found buyers near the 23.6% Fib retracement level of the last wave from the $13.04 low to $13.52 high.

So, it means the price has already completed a correction, and there are high chances of a new high above $13.52 in the short term. If the price fails to retain the bullish momentum, and corrects lower once again, then the most important support lies at $13.25. It was a monster resistance earlier and now may provide support.

Ethereum ETH/USD Forecast

The stated support level also coincides with the 50% Fib retracement level of the last wave from the $13.04 low to $13.52 high. So, there are enough reasons to consider it as a crucial support area.

No doubt, the price broke a major resistance as it is visible on the 4-hours chart of ETH/USD. There was a bearish trend line, which was broken during the recent surge. The last four candles on the same chart are bullish, and signaling more upsides in the near term.

Hourly RSI
The RSI technical indicator is around the overbought levels, but momentum is intact.
Important Resistance Levels
$13.50 and $13.80
Important Support Levels
$13.40 and $13.25
Hourly MACD
The MACD is now placed strongly in the bullish zone.
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Ether Technical Analysis

10-23-2016 ETH/USD Weekly Forecast – Bearish Sentiment Leads
10-05-2016 ETH/USD Forecast: Back To $13.20 Support Zone
10-04-2016 Ether Price Soars Higher, Overcame Selling Pressure
10-03-2016 Ether Price Modestly Bearish Within Range

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