Key Highlights
Ether price was pushed further higher against the US dollar, as there was a break above the $11.00 handle.
The ETH/USD pair recently traded as high as $11.87 where it is found resistance.
The pair is interesting at the moment because there is a chance of a short-term correction.

Technically, there is likely a topping signal on the hourly chart, calling for a correction.

Ether Price Support Levels Vs US Dollar

There was an increase in the bearish pressure on the US dollar after the December FOMC meeting minutes were published. Ether price took advantage of the same and moved past the $11.00 handle.

Ether Price Analysis Chart

The ETH/USD pair was seen gaining pace during the past few hours, and after breaking $11.00, it moved above the $11.50-60 resistance. A new year high was formed at $11.87 where it found resistance.

Later, the pair started correcting lower. When we look at the hourly chart of ETH/USD, there are two bullish trend lines. The pair is currently attempting a break below them. The most important point is the fact that the candle formed near $11.87 shows a topping pattern.

It is a shooting star, suggesting that a short-term top is in place, and the price may soon correct lower. An initial support on the downside is around the 23.6% Fibonacci retracement level of the last leg from the $9.55 low to $11.87 high.

Ethereum ETH/USD Forecast

However, a substantial support on the downside is at $11.00, which if cleared might open the doors for the 50% Fibonacci retracement level of the last leg from the $9.55 low to $11.87 high.

Looking at the 4-hour chart, there are many bullish candles back to back, which has not happened during the recent times. So, the trend is bullish for sure, but there is a chance of a short-term correction towards $11.00 or even $10.50.

Important Resistance Levels

$11.60 and $11.80

Important Support Levels

$11.00 and $10.80

Hourly RSI

The RSI technical indicator has started to head south towards the 50 level.

Hourly MACD

The MACD is pointing exhaustion, and signaling a correction.
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 ETH/USD Forecast: Consolidating Above $200
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01-05-2017 ETH/USD Is Interesting At The Moment
01-04-2017 ETH/USD Slips Into Bullish Territory
   

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