Technically, the hourly chart indicators are mostly flat, but with slight north movements.

ETH/USD Important Support

Yesterday, I mentioned that there is a chance of a new low in Ether price versus the US Dollar, and highlighted why the $12.00 support holds a lot of value. There was a minor dip in the ETH/USD pair, but the stated support area acted as a perfect barrier for sellers.

Ether Price Analysis Chart

There was a nice rejection at $12.04, pushing the price back higher. During the recent upside move, the price managed to break a minor bearish trend line formed on the 30-min chart of ETH/USD. However, the pair found offers near the 50% Fibonacci retracement level of the last decline from the $12.28 high to $12.04 low.

At the moment, the pair is moving down, but finding support near a bullish trend line formed on the same chart. One key aspect to note is that the pair is now above the $12.10 resistance area. It means there is a chance of further gains if the Ether buyers remain in action.

Ethereum ETH/USD Forecast Chart

However, one must not hope for any major gains, as the upside may be limited. Looking at the 2-hours chart of ETH/USD, there is a clear consolidation pattern formed. On the downside, there is the all-important $12.00 support area, and on the upside, $12.25 seems to be a hurdle for buyers.

As long as the price is consolidating, we may witness range moves. Once there is a break, the price may gain momentum. In my view, the chances of an upside move are more as long as ETH/USD is above $12.00.

Important Resistance Levels
$12.25 and $12.40
Important Support Levels
$12.00 and $11.80
2-hours RSI
The RSI technical indicator is below the 50 level with no real direction.
2-hours MACD
The MACD is in the bearish zone with a flat structure, signaling a range.
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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 Declining Streak Likely To Continue
10-23-2016 ETH/USD Weekly Forecast – Bearish Sentiment Leads
10-22-2016 Ether Price Started Yet Another Consolidation
10-21-2016 ETH/USD Forecast – New Low Likely Before Recovery
   

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