Technically, Ether price can correct further higher, but a steeper recovery seems well-limited.

ETH/USD

The Ether started the week advancing moderately, particularly against the US Dollar and Bitcoin. The ETH/USD fell down to $11.85 before bouncing modestly. During the downside move, there was a close below a support trend line on the 30-min chart.

Ether Price Analysis Ethereum

However, the downside was limited, as the all-important $11.85-80 support pitched in and rescued the Ether buyers. The pair also bounced from the 50% Fibonacci retracement level of the last wave from the $11.79 low to $12.03.

The pair is currently moving higher, and can correct further higher, but a sustained recovery seems well-limited. As we all know there is a monster barrier on the upside waiting for the ETH bulls to present offers. The stated barrier is at $12.10, which represents the range resistance, as highlighted in the last few analysis.

ETH/USD Forecast Chart

An initial resistance is at $12.03, which is the recent swing high, and then comes $12.10. It would be interesting to see if the ether buyers will fail once again to take the price above it.

The 2-hours chart of ETH/USD shows how the range is playing a major role. Both, sellers and buyers failed many times. As a result, the price is stuck in a tight range of $11.80-$12.10. I think we may soon witness swing moves due to yet another hard fork as announced this past week. Traders should trade carefully, and keep a watch on the news wires.

Important Resistance Levels
$12.03 and $12.10
Important Support Levels
$11.85 and $11.80
30-min RSI
The RSI technical indicator remained above the 50 level, signaling a short-term bullish trend.
30-min MACD
The MACD is back in the bullish zone, but not with much momentum.
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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
10-18-2016 ETH/USD Forecast – Ether Buyers Are Back
10-17-2016 Ether Price Correcting Higher, But Still Ranging
10-16-2016 ETH/USD Weekly Forecast Stable With Question Marks
   

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