Key Highlights
There were continuous range moves in Ether price against the US Dollar with a cap near $12.90.
The 2-hour chart of ETH/USD points a contracting triangle formation as a breakout pattern.
There are a few signs, suggesting a possible upside break in the short term.

Technically, the 2-hour chart indicators remain in the bullish territory with no major signs of uptrend exhaustion.

ETH/USD Technical Outlook

It was a treat for range traders during the past 2-3 days, as Ether price mostly consolidated. Selling highs near $12.90, and buying dips near $12.60 was the main trend.

Ethereum ETH/USD Forecast

The price is still trading in a range, but slowly there are signs emerging for the next possible break. There is a contracting triangle pattern formed on the 2-hour chart of ETH/USD.

The triangle lower trend line is near $12.60, coinciding with the range support. The triangle resistance is near $12.80, meaning a push would test the range high at 12.90-13.00.

Unless there is a proper close above $13.00, a real break should not be considered. As long as the range resistance is intact, there can hardly be any major gains in the near term.

For a downside break, the most important barrier seems to be at $12.60 and $12.50. A close may open the doors for a move towards $12.20.

Ether Price Analysis Chart

Let us look at the 30-min chart. It shows that the price is currently bouncing from the lows, and heading towards a bearish trend line break. If there is a break, the range high at $12.90 might be tested soon.

There were many rejections near $12.90, highlighting a real hurdle for ETH/USD to clear the range resistance. In my view the trend is still positive, suggesting either continuing range or an upside move.

Important Resistance Levels

$12.90 and $13.00

Important Support Levels

$12.60 and $12.50

2-Hour RSI

The RSI technical indicator remains supported above the 50 level.

2-Hour MACD

The MACD is in the bullish zone, and slowly expanding the slope.
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Ether Technical Analysis

07-26-2017 ETH/USD Forecast: Ether Plunge Into Support
02-19-2017 ETH/USD Weekly Forecast: Downside Looking Limited
02-18-2017 Ether Price Approaching Break Vs Dollar?
02-17-2017 ETH/USD Consolidates In Quiet Trading

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