Key Highlights
Ether price after a push towards the $12.00 handle against the US Dollar found resistance near $11.87.
The ETH/USD pair traded lower and broke a bullish trend line formed on the hourly chart.
The pair traded sharply lower to close below the $11.00 support and test the $9.20 area.

Technically, the 4-hour chart shows a major rejection just below $12.00 in ETH/USD.

Ether Price Failure Near $12.00

We recently saw how Ether price surged higher against the US Dollar and Bitcoin. ETH/USD in particular enjoyed good gains and traded higher by more than 30%.

Ether Price Analysis Chart

Yesterday, there was a move close to $12.00, as the price traded as high as $11.87. I highlighted a rejection pattern near the stated level, and mentioned that there is a chance of a short-term correction towards $11.00 or even $10.50.

The ETH/USD pair did move down, and broke a couple of important support levels to register a close below the $11.00 handle. It also pierced the 61.8% Fibonacci retracement level of the last leg from the $8.40 low to $11.87 high.

The downside move stopped just above the $9.00 level at $9.20. The price is currently moving back higher and positioned above the $10.00 support. An initial resistance is near the 50% Fibonacci retracement level of the last decline from the $11.87 high to $9.16 low.

If the Ether buyers manage to take the price back above the $10.80 level, there is a chance of the price retesting $11.80-$12.00. Looking at the 4-hour chart, there were two major bearish candles, suggesting a rejection pattern.

Ethereum ETH/USD Forecast

In my view, the $10.00 support holds a lot of importance. As long as the price is above it, and there is no daily close below it, there is a chance of ETH/USD regaining the bullish bias in the near term. If it fails to hold the $10.00 support, there can be a decline towards $9.00 or even $8.40.

Important Resistance Levels

$10.80 and $11.00

Important Support Levels

$10.20 and $10.00

Hourly RSI

The RSI technical indicator is just below the 50 level and heading north.

Hourly MACD

The MACD is attempting to move back in the bullish slope from bearish.
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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