Key Highlights
Ether price continued to gain traction against the US Dollar and Bitcoin, and managed to trim post Bitfinex hack losses.
The current upside move found sellers near $11.20, representing support turned resistance.
Going forward, the pair may move down in the short term before buyers step in once again.

Currently, Ether price is consolidating in its way towards psychological support at $10.00 versus the US Dollar.

Ether Price 3 Wave Correction Pattern

Yesterday, I mentioned that it was a big day for the Ether buyers, as a lot of bullish signs emerged on the charts. Later, there were further gains noted in the ETH/USD pair, as it moved above the $11.00 level.

Ether Price Analysis Chart

However, the upside move was stalled near a crucial level - $11.20. The stated level was a support earlier and now acting as a resistance. The pair attempted to break it on a couple of occasions, but failed and started moving down.

During the downside move, the price broke a short-term bullish trend line formed on the hourly chart of the ETH/USD pair. It is a clear signal that the pair may head towards the 23.6% Fib retracement level of the recent wave from the $8.00 low to $11.20 high.

Ether Price Analysis H4 Chart

The next support on the downside is $11.00, which is a major psychological level and could act as a buy area. The 4-hours chart is suggesting a clear path for ETH/USD. It looks like the pair has completed the first wave of a 3-wave structure, and may soon head towards $10.00 to complete the second wave.

Once it is over, the price may regain the bullish bias and could trade higher. On the upside, the bulls need to take the price above $11.20 for a move towards $12.00.

Important Resistance Levels

$11.00 and $11.20

Important Support Levels

$10.24 and $10.00

Hourly RSI

The RSI technical is still above the 50 level, pointing towards the bullish trend.

Hourly MACD

The MACD is about to change the slope to bearish, signaling start of 2nd wave.
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Ether Technical Analysis

Today ETH/USD Forecast: Ethereum Price Sticks To Bullish Bias
08-06-2016 ETH/USD Forecast – Consolidation, Decline and Upward Surprise
08-05-2016 Ether Price Delivers Bullish Follow Through
08-04-2016 Big Day For Ether Buyers; ETH/USD Breaks Higher

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