Key Highlights
Ether price started an upside move against the US Dollar during the past few sessions, which look convincing.
The ETH/USD pair settled above the $12.10-20 resistance, suggesting the Ether buyers are in control.
The price is currently struggling to settle above $12.60-70, which may produce a minor correction.

Technically, the 12-hours chart is pointing towards more gains in ETH/USD.

ETH/USD New High

Ether price started an uptrend during the last two days against the US Dollar, and traded above the $12.10-20 resistance. There was a new weekly high of $12.67, as the ETH bulls remained in control. At this moment, the sellers are fighting hard to prevent a close above $12.70.

Ether Price Analysis Weekly Chart

So, there is a chance of a minor downside reaction in the near term. An initial support on the downside lies around a bullish trend line formed on the 30-min chart of ETH/USD. The price is currently trading near it, and attempting a break.

A break below the trend line support is possible, which may ignite a minor downside reaction. The next support on the downside is around the 38.2% Fib retracement level of the last wave from the $11.77 low to $12.67 high.

ETH/USD Weekly Forecast

There was a similar downside move yesterday in the form of a correction. The price completed a correction and bounced again to create a new high above yesterday’s high of $12.57.

So, if the price corrects lower from the current levels, then it can be considered as a buying opportunity. The 12-hours chart of the ETH/USD pair is also signaling positive signs. There was a monster consolidation pattern on the same chart, which was broken during the recent upside move.

The highlighted consolidation pattern is a sign that the price is now in an uptrend. The same broken resistance of the consolidation pattern may now act as a support area. We can even consider $12.10 as a major pivot area where the Ether buyers may show up if the price moves down.

Weekly Resistance Levels

$12.70 and $13.00

Weekly Support Levels

$12.20 and $12.10

12-hours RSI

The RSI technical indicator is also gaining pace above the 50 level.

12-hours MACD

The MACD is has now moved from the bearish to bullish zone, calling for more gains.
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Ether Technical Analysis

Today ETH/USD Forecast: Ethereum Price Sticks To Bullish Bias
09-19-2016 Ether Price Approaching New High?
09-18-2016 ETH/USD Weekly Forecast – Uptrend Initiated
09-17-2016 Ether Price Spikes, Breaks All Boundaries

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