Technically, the 2-hours chart indicators are stable and suggesting a short-term bullish wave.

Ether Price Struggle Continues

Yesterday, I highlighted how Ether price was under slight bearish pressure due to the Ethereum Foundation hard fork announcement to end the DoS attacks. There was a minor downside move during the past 24-hours, but the $11.80 support managed to prevent any major declines.

Ethereum Ether Price Weekly Analysis

There was a clear buying interest around the stated support, as it also represents the lower end of the range. The 2-hours chart of ETH/USD clearly shows how Ether price is stuck inside $11.80-$12.10, and failed on many occasions to trade higher.

The technical indicators on the 2-hours chart is now stable, which can be considered as the first sign of a possible recovery. However, we need more signs before there can be a break above the $12.10 resistance. It has been acting as a monster barrier for the Ether bulls, and prevented a break many times.

ETHUSD Weekly Forecast

When we look at the larger picture, then the 12-hours chart highlights a couple of important points. First, the price is currently consolidating after breaking a major bullish trend. Second, there was a sharp downside move from the $13.50 high to $11.60 low.

Third, there is a pennant pattern formed, which can break soon to provide us the next move. Generally, such patterns provide a bearish break in a downtrend. However, the technical indicators are converging, suggesting a bullish break.

On the upside, a break above the pennant resistance and the 23.6% Fibonacci retracement level of the last decline from the $13.50 high to $11.60 low is needed for a recovery.

Weekly Resistance Levels
$12.10 and $12.40
Weekly Support Levels
$11.80 and $11.60
12-hours RSI
The RSI technical indicator is below the 50 level, but started moving north.
12-hours MACD
The MACD has started to move away from the bearish zone, which is a positive sign.
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Ether Technical Analysis

Today ETH/USD Weekly Forecast – Bearish Sentiment Leads
10-17-2016 Ether Price Correcting Higher, But Still Ranging
10-16-2016 ETH/USD Weekly Forecast Stable With Question Marks
10-15-2016 Can Ethereum Hard Fork Create Pressure On Ether Price?

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