Key Highlights
Ether price after a minor correction yesterday against the US Dollar traded higher once again.
There was a perfect bounce from the $11.80 support area in the ETH/USD pair.
The pair is currently following an ascending channel pattern on the 30 min chart, which is acting as an upside move catalyst.

Technically, the 2-hours chart is signaling a constructive bullish pattern, calling for further upsides in Ether price.

Ether Price To Test $12.50?

Ether price after climbing as high as $12.85 yesterday versus the US Dollar started a correction. It traded lower and tested the $11.80 support where buyers appeared and prevented any further losses. Again the price is trading with a positive sentiment and back above $12.00.

Ether Price Technical Analysis Ethereum

My yesterday’s view of buying dips in ETH/USD worked and it looks like the pair is set for further upsides moving ahead. The 30 min chart clearly shows how the $11.80 support played an important role. Currently, there is an ascending channel pattern formed on the chart. It is acting as a catalyst for the recent upside move.

There is a possibility that Ether price may spike higher and retest the $12.50 level. And, if the ETH bulls remain in control, then even a test of yesterday’s high of $12.86 is likely.

ETH to USD Price Chart

No doubt, ETH is in an uptrend, and it is visible on the 2-hours chart as well. There is a constructive bullish pattern forming, which may spark further gains in the short term. The price may test the $12.50 level or even $12.80.

One key point is the fact that the recent economic release in the US (nonfarm payrolls report) failed to meet the market expectation, igniting a downside in the US Dollar. So, it increases the chances of further gains in Ether.

Important Resistance Levels

$12.50 and $12.80

Important Support Levels

$12.00 and $11.80

2-hours RSI

The RSI technical indicator is well above the 50 level, suggesting buyers are in control.

2-hours MACD

The MACD is currently in the bullish zone, which is a positive sign.
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Ether Technical Analysis

Today ETH/USD Weekly Forecast: Ethereum Price Bullish Development
09-04-2016 ETH/USD Weekly Forecast - Price Back To Square One, Eyeing Support
09-03-2016 ETH/USD Forecast – Ether Back In Bullish Zone
09-02-2016 Ether Price Starts Consolidation Near $11.80

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