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.
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Ether Technical Analysis

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