Technically, the 12-hours chart is signaling a monster support break in ETH/USD.

Ether Price Remains Sell Rallies?

There was no relief for the Ether buyers, as it declined further versus the US Dollar and BTC. I was hoping for a move towards the $12.40 level in ETH/USD. The pair did move down, and even broke the stated level to trade as low as $12.08.

Ether Price Weekly Analysis

ETH/BTC also fell and created a new weekly low below 0.0200BTC. No doubt, Ether price in a bear trend, and may continue to face sellers on the upside. When we look at the hourly chart of the ETH/USD pair, it is currently finding support near $12.10-00.

So, there is a chance of a minor correction in the near term. However, there is a bearish trend line on the same chart, waiting to act as a resistance on the upside. Moreover, the 23.6% Fibonacci retracement level of the last drop from the $13.33 high to $12.08 low is also around the same trend line.

It means the highlighted trend line resistance may act as a hurdle in the recovery for ETH/USD. If at all, there is a break above the trend line, the 50% Fibonacci retracement level of the last drop from the $13.33 high to $12.08 low may be seen as the next resistance area at $12.80.

ETH/USD Weekly Forecast Ethereum

When we look at the 12-hours chart, it highlights a bearish picture for Ether price. There are a couple of important points to note from the chart. First, there was a crucial support at $13.00, which was broken during the downside ride. Second, a bullish trend line on the same chart was also cleared by the ETH bears.

It is a clear sell signal. And, if the price corrects higher, the same broken support area may now act as a resistance.

Weekly Resistance Levels
$12.50 and $13.00
Weekly Support Levels
$12.00 and $11.60
12-hours RSI
The RSI technical indicator has just moved below the 50 level, which is a negative sign.
12-hours MACD
The MACD is now in the bearish zone, signaling further declines.
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Ether Technical Analysis

Today ETH/USD Weekly Forecast: Odds of Further Declines Increase
10-10-2016 Ether Price Poised for Continued Weakness
10-09-2016 ETH/USD Weekly Forecast – Further Downside Potential
10-08-2016 Ether Price ‘Flash Crash’ Post Failed Double Bottom
   

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