Key Highlights
Ether price presents a modest bearish tone today against the US Dollar, and is poised for a break.
There is a bearish break noted on the hourly chart of the ETH/USD pair.
On the other hand, it looks like the pair is approaching a crucial break on the 4-hours chart.

In the short term, the technical structure favors more losses and a bearish bias for Ether versus the US Dollar. However, the $12.80 support area may produce a bounce moving ahead.

Monitor $12.80 in ETH/USD

Ether price is pushing lower against the US Dollar, as there was a failure to move above the $13.80-$14.10 resistance area. Our yesterday’s buying with a break idea was not triggered, as there was no clear break above the trend line resistance.

Ether Price Analysis Chart

Currently, the hourly chart of the ETH/USD pair clearly points towards a bearish break. There was a contracting triangle pattern, which was cleared by Ether sellers recently to push its price down. In my view, the recent downside move in ETH/USD could trigger further losses in the short term.

A move towards the 61.8% Fib retracement level of the last leg from the $12.18 low to $14.00 high is very likely, which is around $12.90-$12.80. The mentioned levels hold a lot value and may act as a major barrier for sellers.

Ether Price Analysis Chart H4

The importance of the same level can be visible on the 4-hours chart as well. There is a contracting triangle pattern, and the lower support trend line coincides with the stated level ($12.80).

Overall, there is a chance of a continuing weakness in ETH/USD, but the $12.80 support area may be able to protect a downside break and could even produce a bounce. However, we need to keep monitoring the triangle pattern for the next break.

Important Resistance Levels

$13.60 and $13.80

Important Support Levels

$12.90 and $12.80

Hourly RSI

The RSI technical indicator has dipped sharply, pointing towards seller’s strength.

Hourly MACD

The MACD has moved into the bearish slope, and suggesting further declines.
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Ether Technical Analysis

09-24-2017 ETH/USD Weekly Forecast: Ethereum Price Bullish Development
07-27-2016 Ether Price Just Made A Short-Term Bottom?
07-26-2016 Ether Price Fades Slightly As Sentiment Weakened
07-25-2016 Ether Price Key Reversal Unfolds After Correction

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