Key Highlights
Ether price surged higher further against the US Dollar and traded as high as $14.31.
Yesterday, I stated that we may witness a reaction near the $14.00 resistance, and it looks like my view was correct.
The ETH/USD pair is currently struggling to hold gains, and may correct towards the $13.50-20 area.

Technically, the hourly chart is highlighting a short-term topping pattern around $14.30 level.

ETH/USD Reaction Zone

No doubt, the Ether continued to gain traction and bids during the past 24 hours against the US dollar and the Bitcoin. There was a new monthly high in ETH/USD at $14.31 and 0.0238BTC in ETH/BTC. The ETH/USD pair traded with a positive bias and posted good gains.

Ether Price Analysis Technical Chart

Yesterday, I highlighted a pattern break, which opened the doors for further upsides. The price did clear the $14.00 handle to post a high of $14.31. However, the upside could not last long. In my yesterday’s post I stated that there is a major reaction zone on the 4-hours chart at $14.00.

The price started struggling as soon as there was a move above the stated level. It moved down and now trading below $14.00. There is a bullish trend line formed on the hourly chart of the ETH/USD pair, which may act as a support if the price declines further.

ETH/USD Pair Analysis Ethereum

The 38.2% Fibonacci retracement level of the last wave from the $12.34 low to $14.31 high is also meeting around the trend line. So, there is a chance of buyers appearing and providing support. The 4-hours chart of ETH/USD also points the importance of the same support area.

There was an ascending channel pattern, which was broken during the recent upside. Now, it may act as a support at $13.40-20. The last H4 candle also signals a short-term top, and calling for a correction wave.

Important Resistance Levels

$14.00 and $14.30

Important Support Levels

$13.40 and $13.20

Hourly RSI

The RSI technical indicator is pulling back from the extreme overbought levels, calling for a correction.

Hourly MACD

The MACD is currently in the bullish zone, but slowly fading.
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Ether Technical Analysis

Today ETH/USD Forecast: What’s Stopping Ethereum Price?
09-22-2016 Ether Price Ready To Challenge $13.00 Support
09-21-2016 Ether Sellers Protecting $14.00-20 Vs Dollar
09-20-2016 Ether Price Continuous Gains Amid Devcon2

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