Key Highlights
Ether price had a good week against the US Dollar, as it managed to recover from the lows and posted gains.
The ETH/USD pair closed above a couple of key pivot levels, suggesting bullish signs in the near term.
The recent recovery in ETH/USD was stopped around an important triangle resistance formed on the last 14-days chart.

There is a 5-wave structure forming inside a triangle pattern on the last 14 days chart, which may spark the next move after pattern completion.

ETH/USD Breakout Pattern

This past week the Ether managed to recover against the US Dollar and posted a new 10 days high of $12.30. During the upside, the ETH/USD pair broke a monster resistance area at $11.00-$10.80, which may now act as a support.

Ether Price Analysis Chart

The pair has started a correction wave and already moved below the 23.6% Fibonacci retracement level of the last wave from the $10.26 low to $12.30 high, and currently attempting to close below the 38.2% Fibonacci level of the same wave.

If the ETH bears are successful in taking the price further lower, then a test of the all-important $11.00-$10.80 support area is certain, which also coincides with the 61.8% Fibonacci retracement level. In my view the mentioned support area (highlighted on the 7 days chart with orange line) holds a lot value for ETH/USD going forward. If the price tests the stated levels, the ETH bulls may try their best to defend it.

Ether Price Analysis Chart 14D

If we have a look at the last 14 days chart of the ETH/USD pair, then there is a large triangle pattern forming. The recent recovery was stopped right at the triangle resistance trend line, which acted as a barrier.

It looks like the pair is forming a 5-wave structure inside the highlighted triangle pattern, and currently it is in the 5th wave. There is a chance that the 5th wave might complete around the triangle support, and then the price could rocket higher.

So, in my view we can keep a close eye on the $11.00-$10.80 support area for bounce and completion of a 5-wave structure in order to buy Ethers.

Important Resistance Levels

$11.80 and $12.25

Important Support Levels

$11.00 and $10.80

4-hours RSI

The RSI indicator fell below the 50 level, matching with the view of a correction towards $11.00-$10.80

4-hours MACD

The MACD has moved into the bearish zone, signaling an extension of correction wave.
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

Today Ether Price Uptrend At Risk?
07-18-2016 Ether Price Bounces After Downside Thrust
07-17-2016 Ether Price Remains In Driver's Seat Versus US Dollar
07-16-2016 Ether Price Trading Near Major Inflection Point
   

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