Key Highlights
Ether price remained supported near $9.50 against the US Dollar, and looks like consolidating losses.
There is an ascending channel pattern formed on the 30-min chart of ETH/USD, acting as a consolidating pattern.
The pair is likely approaching a break when we look at the 2-hour chart.

Technically, the 2-hour chart indicators are struggling to move into the bullish territory.

Ether Price Breakout Pattern

Yesterday, we saw how Ether price recovery was capped by the monthly pivot at $10.00 against the US Dollar. Since then, the price was seen trading in a range and consolidating losses.

Ether Price Analysis Chart

Looking at the 30-min chart of ETH/USD, there is an ascending channel pattern formed, which is acting as a consolidation pattern. Now, we can also consider this as a flag pattern.

If this is a flag pattern, then once it completes, it could open the doors for yet another downside move. On the other hand, if it’s not a flag. It could just help the price in gaining bids.

On the downside, the channel support is near $9.50, which is also around the 50% Fibonacci retracement level of the last wave from the $9.14 low to $10.00 high. So, the stated support holds the key and may act as a pivot or breakout level in the short term.

If the price moves below $9.50, it could clear the way for another downside push towards $9.20. On the upside, there is only channel resistance trend line as a hurdle for gains. If the pair manages to surpass it, there could be a move towards $10.00.

Ethereum ETH/USD Chart

The 2-hour chart suggests that the pair is about to reach a breakout zone. There looks like a contracting triangle pattern, which is about to complete. The last H2 candle looks bearish, and suggesting a downside move.

Overall, it looks like the price may soon complete the current consolidation pattern for the next move depending upon the break.

Important Breakout Levels

$9.80 and $10.00

2-hour RSI

The RSI technical indicator is below the 50 level, and failed recently to move higher.

2-hour MACD

The MACD is mostly flat, and attempting to move into the bearish zone.
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Ether Technical Analysis

Today ETH/USD Forecast: Consolidating Above $200
01-15-2017 ETH/USD Weekly Forecast: Slow Revival Likely
01-14-2017 Ether Price Consolidating Losses Vs Dollar
01-13-2017 ETH/USD: Minor Recovery Capped By Monthly Pivot

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