Key Highlights
Ether price ended 2016 above the $8.00 support against the US Dollar, and with a slight bullish bias.
There is a bullish trend line formed on the 30-min chart of ETH/USD, which is currently acting as a support above $8.00.
The 2-hour chart points a range pattern with resistance near $8.55, and support at $8.00.

Technically, the indicators on the 2-hour chart almost flat with neutral bias.

Ether Price Holding the $8.50-55 Support

It was an eventful year for the Ether. There were many swing moves in its price against the US Dollar and Bitcoin. We saw ETH/USD moving above $15, and then dipping below $7, and finally closing the year above $8.00.

Ether Price Analysis Chart

There was no yearly close above $10.00. The best part is the fact that the $8.00 level now becomes the yearly pivot zone, and a major support. As long as the price is above it, there are chances of further gains.

Considering the 30-min chart, there is a bullish trend line formed, acting as a support on the downside. It is currently preventing a downside break below the all-important $8.00 support area.

On the upside, there is a resistance trend line, acting as a barrier for a push higher at $8.20. The stated level also coincides with the 38.2% Fib retracement level of the last decline from the $8.55 high to $7.93 low.

So, if there is a close above the highlighted resistance trend line and the $8.20 level, there can be a push towards the 61.8% Fib retracement level of the last decline from the $8.55 high to $7.93 low around $8.40.

Ethereum ETH/USD Chart

The 2-hour chart of ETH/USD clearly points a range pattern with a monster support at $8.00. There are many rejections around the stated support, which means it holds a lot of value.

On the upside, the $8.50-55 area is a breakout resistance. Going forward, we can witness a move towards $8.50 where the Ether buyers might be tested.

Important Resistance Levels

$8.20 and $8.55

Important Support Levels

$8.05 and $8.00

30-min RSI

The RSI technical indicator is below the 50 level, but started moving north.

30-min MACD

The MACD is attempting to move from the bearish to bullish slope.
Disclaimer:
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

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