Key Highlights
Ether price after posting a new weekly high of $12.86 yesterday against the US Dollar started consolidating gains.
There is a consolidation pattern forming on the hourly chart of the ETH/USD pair.
The pair may spike down to test the $11.50 support before moving back higher.

Technically, the 4-hours chart is indicating an extension of the current correction towards the $11.50 support.

ETH/USD Correction

Ether price after yesterday’s surge towards the $12.85 level versus the US Dollar found offers and started a consolidating pattern in the form of a correction. There is a chance that the ETH/USD pair may move a few more points lower before it gains traction once again.

Ether Price Technical Analysis Ethereum

The pair has already slipped below the 38.2% Fib retracement level of the last wave from the $10.50 low to $12.86 high. Currently, there is a correction underway and the pair has formed a contracting triangle pattern on the hourly chart.

The pattern may play a major role in the near term for the next move in ETH/USD. There is a possibility of the pair moving towards the 50% Fib retracement level of the last wave from the $10.50 low to $12.86 high.

ETH to USD Price Chart ETH/USD Pair

If we have a look at the 4-hours chart of ETH/USD, there is a monster support at $11.50 as highlighted yesterday. It was a crucial resistance earlier and now may act as a support. The last 4-5 candles on the H4 chart are pretty bearish and clearly suggesting a short-term top.

It means the current correction may extend in the near term. In my view, there is a possibility of a spike down to test the $11.50 support where there can be heavy bids. I think staying on the buyer’s side as long as the price is above the stated support is a good idea.

Important Resistance Levels

$12.50 and $12.80

Important Support Levels

$11.80 and $11.50

Hourly RSI

The RSI technical indicator is hovering near the 50 level with no major bullish signs.

Hourly MACD

The MACD has moved into the bearish zone, suggesting an extension of the current correction.
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Ether Technical Analysis

Today ETH/USD Weekly Forecast: Ethereum Price Bullish Development
09-03-2016 ETH/USD Forecast – Ether Back In Bullish Zone
09-02-2016 Ether Price Starts Consolidation Near $11.80
09-01-2016 Ether Price Rockets Higher; More Gains To Follow

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