Key Highlights
Ether price managed to pop higher against the US Dollar, and broke the $8.20 and $8.40 resistance area.
The ETH/USD pair is currently pressuring the $8.55 resistance area, and looking for a break above it.
A successful close above the mentioned resistance might ignite more upsides in the short term.

Technically, the indicators on the near-term studies are turning into full bullish setup.

Ether Price Sighting Gains

There was a positive trend development yesterday in Ether price against the US Dollar. The ETH/USD pair was seen recovering within an important range of $8.00-$8.50.

Ether Price Analysis Chart

The pair later gained pace from the $8.00 support area and moved higher. The 30-min chart suggests that a lot happened during the past couple of sessions. First, there was a break above the $8.20 resistance area, which opened the doors for an upside move.

Second, the price also managed to break the 38.2% Fib retracement level of the last decline from the $8.55 high to $7.93 low. The price traded towards the $8.45 level where a consolidation phase started.

The price traded in a range for some time with support at $8.30 and resistance at $8.45. The pair later gained pace, and managed to break the consolidation pattern resistance.

As a result, there was an upside drift above the $8.50 resistance. The price traded above the last swing high of $8.55, and traded as high as $8.58. The recent move in ETH/USD points a short-term trend change, as technical studies are turning into full bullish setup.

Ethereum ETH/USD Forecast Chart

The 2-hour chart of ETH/USD shows how the pair is pressuring the $8.55 barrier. The Ether buyers are clearly looking for a H2 close above the highlighted resistance area.

If they succeed, we can witness a move towards the $8.80 level or even towards $9.00 in the near term.

Important Resistance Levels

$8.55 and $8.80

Important Support Levels

$8.40 and $8.20

2-hour RSI

The RSI technical indicator is now above the 50 level, and heading north.

2-hour MACD

The MACD has moved sharply 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

Today Ether Price Uptrend At Risk?
01-04-2017 ETH/USD Slips Into Bullish Territory
01-03-2017 ETH/USD Forecast: Upside Drift In Focus
01-02-2017 ETH/USD Seen Recovering, But Within Range
   

Subscribe to our Newsletter

* indicates required
Email Address *
First Name
Last Name
Country
News Categories of Interest