Key Highlights
Ether continued to find buyers around the $11.00-$10.80 support against the US Dollar.
It looks like the ETH/USD pair is forming a base and may trade higher or recover in the short term.
A consolidation pattern is forming on the hourly chart, which may provide us the next break.

The 4-hours chart is signaling that sellers are exhausted and may give up anytime going forward.

Ether to Gain V/s US Dollar?

Ether sellers struggle to clear the $11.00 support versus the US Dollar continued during the past 24 hours. There were at least 4-5 attempts to surpass the stated support, but the ETH bulls managed to defend losses successfully.

Ethereum Ether Price Technical Analysis Chart

If looks like a base is forming for a ride higher in the short term. There is a contracting triangle pattern on the hourly chart of ETH/USD taking shape with a perfect 5-wave structure. If it plays well, then it could open the doors for an upside break.

On the downside, I reiterated many times that $11.00-$10.80 is a crucial support area, and it won’t be easy for sellers to break it. On the upside, a break above the highlighted triangle resistance and the 23.6% Fib retracement level of the last drop from the $12.65 high to $10.92 low may ignite buying pressure on ETH/USD.

Ether Price ETH Trend Analysis H4 Chart

On the other hand, a break and close below $11.00-$10.80 could negate the current recovery bias. However, the mentioned levels hold a lot of significance, as can be seen on the 4-hours chart as well. It acted as a major pivot area earlier, which is why sellers are finding it hard to break it.

In my view, if sellers continue to fail, the ETH/USD pair may start to move higher, and a break above $11.40 could take the pair towards $12.00.

Important Resistance Levels

$11.40 and $11.60

Important Support Levels

$11.00 and $10.80

Hourly RSI

The RSI technical indicator is bending lower and heading towards oversold levels.

Hourly MACD

The MACD is in the bearish zone, but there is hardly any momentum.
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Ether Technical Analysis

Today ETH/USD Forecast: Ethereum Price Sticks To Bullish Bias
08-18-2016 Scope For A Test of $11.40 In ETH/USD
08-17-2016 ETH/USD Forecast – Forming Base, Waiting For a Break
08-16-2016 Ether Price Continues to Probe Bearish Trend Line

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