Key Highlights
Ether price struggle to gain momentum above $12.70-12.80 continues against the US Dollar.
There is a clear bearish trend line with resistance at $12.70 formed on the 30-min chart of ETH/USD.
The pair is back in the consolidation phase with a slight bearish bias.

Technically, the 2-hour chart indicators are losing grip, and slowly moving in the bearish territory.

Ether Price Eyeing an Upside Move?

It was a tiring session for Ether traders, as there was hardly any major move in ETH/USD. The price remained confined in a range with a strong barrier at $12.70. It also represents the 50% Fibonacci retracement level of the last decline from $12.81 high to $12.53 low.

Ether Price Analysis Chart

During the last US session, the dollar was under a bearish pressure. FOMC Minutes published failed to impress the investors, as there was no proper signal regarding the next interest rate hike. As a result, the dollar was sold across the board, but Ether failed to rally.

There were 2-3 attempts to clear the range resistance area, but there was no close above $12.70-12.80. However, as of writing, the pair is challenging a bearish trend line on the 30-min chart.

There is a chance of a break above the trend line and $12.70, which can open the doors for a complete test of $12.80. The stated level is the next major barrier for the current ongoing range.

If the price fails to settle above the trend line, it may move down to test a bullish trend line with support at $12.60 on the same chart.

Ethereum ETH/USD Forecast

Looking at the 2-hour chart of ETH/USD, there is a descending channel in making. The channel resistance looks critical as it coincides with $12.70, and held the upside move on 4-5 occasions.

On the downside, the channel support is at $12.20, which was also the recent swing low. Overall, there can be a couple of upside break attempts, but until there is an increase in momentum, ETH/USD can’t rally.

Important Resistance Levels

$12.80 and $12.90

Important Support Levels

$12.60 and $12.20

2-Hour RSI

The RSI technical indicator is just holding the 50 level.

2-Hour MACD

The MACD is in the bullish zone, but slowly reducing the slope.
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Ether Technical Analysis

07-26-2017 ETH/USD Forecast: Ether Plunge Into Support
02-24-2017 ETH/USD Forecast: Will Price Surge Continue?
02-23-2017 ETH/USD: Dollar Weakens, But Ether Can’t Rally
02-22-2017 ETH/USD Is Still Looking For Direction

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