Key Highlights
Ether price after briefly trading below $8.00 against the US Dollar in August recovered, but the upside was limited.
There is a crucial resistance formed on the daily chart of ETH/USD, which acted as a hurdle for more gains in ETH.
A daily close above $12.00 is needed for ETH to make way towards $15.00 once again.

The momentum technical indicator is fading on the daily chart, which may produce some strange moves in the near term.

Ether Price Resistance

Ether sellers during the start of this month produced a sharp fall in prices versus the US Dollar. It was more due to the market sentiment and speculators. There was a move below the $8.00 support, but later the price managed to recover.

The ETH/USD pair moved higher and traded towards the 61.8% Fib retracement level of the last drop from the $14.92 high to $7.88 low. It is where the Ether faced sellers and the price started bending down once again.

Ethereum Ether ETH Price Analysis Chart

The pair since then slowly and steadily grinded lower. If we have a look at the daily chart of the ETH/USD pair, there is a bearish trend line formed. It is acting as a catalyst for the downside move and preventing gains. A break above it is need for the buyers to step in. Moreover, a daily close above $12.00 would be better to signal a change in trend from bearish to bullish.

On the downside, the 38.2% Fib retracement level of the last wave from the $7.88 low to $12.80 high is a support area at $10.80-60.

A break below the stated support area may ignite further downsides in the near term in ETH/USD. However, in my view the chances of trend line break are more going forward.

Weekly Resistance Levels

$11.20 and $11.60

Weekly Support Levels

$10.80 and $10.00

4-hours RSI

The RSI technical indicator is below the 50 level, but mostly flat.

4-hours MACD

The MACD is shaping up well on the 4-hours chart, but the daily MACD is losing grip.
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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

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