Technically, there was a lot of noise during the past couple of sessions. In my view, short-term traders may find it difficult to trade ETH/USD this week.

ETH/USD Sighting a Recovery

Ether price weakened a lot during the past 24 hours against the US Dollar and posted a new weekly low of $11.48. Later, the Ether bulls appeared and managed to push the price higher from the lows.

Ether Price Analysis Chart

A recovery has already started as the price broke the 38.2% Fibonacci retracement level of the last drop from the $14.00 high to $11.45 low, and currently trading around the 50% Fib level of the same leg. On the upside, the most important resistance in the way for recovery is around a bearish trend line formed on the hourly chart of ETH/USD.

The highlighted trend line is currently aligned at $13.20, which may act as a barrier for further gains. If there is a break above it, then there might be a change in trend from bearish to bullish.

Ether Price Analysis Chart H4

The 4-hours chart of the ETH/USD pair suggests that the recent bounce was technically correct. There is a bullish trend line formed, which acted as a support area and preventing further losses.

There is a hammer pattern forming around the trend line as well, which is a strong bullish signal. If the pattern is correct and plays well, then it can be a catalyst bulls are searching to take the ETH/USD pair higher.

Important Resistance Levels
$13.20 and $13.50
Important Support Levels
$12.60 and $12.20
Hourly RSI
The RSI technical indicator is now above the 50 level, which is a positive sign.
Hourly MACD
The MACD has moved back into the bullish slope, calling for more gains.
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 ETH/USD Bears Gather Pace, Prints Fresh 9-Month Lows
07-28-2016 ETH/USD Sells Off, Target Additional Weakness
07-27-2016 Ether Price Just Made A Short-Term Bottom?
07-26-2016 Ether Price Fades Slightly As Sentiment Weakened
   

Subscribe to our Newsletter

* indicates required
Email Address *
First Name
Last Name
Country
News Categories of Interest