Key Highlights
After forming a base near $16.25 Ether price bounced back against the US Dollar.
The ETH/USD pair broke a resistance trend line at $17.60, and now following an ascending channel on the hourly chart.
The 4-hour chart suggests a bullish pattern around the $16.25 base, igniting an upside move.

Technically, the hourly chart indicators are back in the bullish territory with a minor cross.

Ether Price Back Testing Important Resistance

Yesterday, we saw a decline of more than 8% in Ether price against the US Dollar with a new weekly low at $16.26. Later, the price was able to form a base near $16.25, and started a recovery.

Ether Price Analysis Chart

The recovery was such that the price managed to regain the bullish bias. First, there was a move above yesterday’s highlighted important hurdle at $17.60. Second, the price broke a major bearish trend line on the hourly chart along with the 61.8% Fibonacci retracement level of the last decline from the $18.60 high to $16.26 low.

It resulted in an increase in the bullish bias in ETH/USD, and the pair was able to settle above the 23.6% Fibonacci retracement level of the last decline from the $20.09 high to $16.26 low.

At the moment, there is an ascending channel pattern formed with support at $17.70-17.80. It is acting as a catalyst for the current upside move. As long as the price is above the channel support area, there is a chance of further gains in ETH/USD in the near term.

The 4-hour chart of ETH/USD highlights a couple of important points. First, the recent bounce in Ether price was from the 50% Fibonacci retracement level of the last wave up from the $12.95 swing low to $20.06 high.

Ethereum ETH/USD Forecast

Second, there was an overlapping bullish candle formed before the price started moving higher. This means the recent bounce looks real.

However, the price needs to settle above $18.20 in order to gain further strength, else there can be a pullback towards $17.10.

Important Resistance Levels

$18.20 and $18.50

Important Support Levels

$17.10 and $16.60

Hourly RSI

The RSI technical is just above the neutral level.

Hourly MACD

The MACD is now back in the bullish zone, and looks to extend the momentum.
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Ether Technical Analysis

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