Key Highlights
Ether price mostly traded in a range with a slight bearish sentiment against the US Dollar.
There was a break below yesterday’s highlighted contracting triangle pattern formed on the hourly chart of the ETH/USD pair.
However, the break does not look convincing, and may turn out to be a false one.

In terms of support, there is a major barrier for sellers on the downside at $12.00, which can produce a bounce later.

ETH/USD False Break

Ether price is slightly down on Friday morning, with trades being conducted at around $12.60 against the US Dollar. The ETH/USD pair continued its struggle to clear the $13.00 resistance area, and managed to break below yesterday’s highlighted contracting triangle pattern formed on the hourly chart.

Ether Price Analysis Chart

However, I am not at all convinced whether the recent triangle break is correct. I think it may be a false break, as there was no major move after it. It looks like the price is mostly ranging with a downward slope.

In my view, until the price sustains its strength above the $13.00 resistance, it is likely to make a fresh attempt to move back towards $12.00. There was hardly any major move in the ETH/USD pair during the past 24-hours. So, technically my view still remains as it was yesterday. I believe there is a possibility of a test of $12.00.

Ether Price Analysis Chart H4

The stated level holds a lot of importance, and it can be easily seen in the 4-hours chart. There were a couple of rejections around the mentioned level (highlighted with grey).

However, at the same time, we should also keep a track of a bearish trend line on the same chart, which prevented an upside move on many occasions. In short, on the upside $13.00 as resistance is important, and $12.00 as support on downside is crucial.

Important Resistance Levels

$12.80 and $13.00

Important Support Levels

$12.40 and $12.00

Hourly RSI

The RSI technical indicator has moved below the 50 level, which is one of the reasons I believe the pair may move down further.

Hourly MACD

The MACD is mostly neutral, which is a sign of ranging moves.
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Ether Technical Analysis

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