Key Highlights
Ether price after trading as high as $14.31 against the US Dollar this past week found sellers.
The ETH/USD pair is currently correcting lower, but may soon find support on the downside.
There are a couple of important bullish trend lines formed on the 12-hours chart to provide support.

Technically, the 12-hours is showing that ether price may come back to life soon.

Ether Price Analysis

Let us start with a recap of this past week. There was a bullish wave in Ether price against both the US Dollar and Bitcoin this past week. Both ETH/USD and ETH/BTC pairs traded with a positive tone, and registered good gains. Later, they both found sellers and started a correction wave.

Ether Price Analysis Technical Chart

The ETH/USD pair during the recent correction traded from a high of $14.31 to $12.71. It is now finding support and attempting to move back higher. When we look at the hourly chart, there is a bearish trend line formed, protecting an upside move in ETH/USD.

There is also a major resistance area formed at $13.50 (as highlighted in yesterday’s post), which is protecting gains. The stated resistance also coincides with the 50% Fibonacci retracement level of the last drop from the $14.31 high to $12.70 low. So, it won’t be easy for the buyers to break it.

First, if the Ether buyers manage to break the trend line resistance, there is a chance of a retest of $13.50. Any further gains may put the price back in the bullish area with a potential of a move towards $14.20.

ETH/USD Weekly Forecast Ethereum

When we look at a higher time frame chart like 12-hours, we can see a lot of reasons why ETH/USD remains supported. There are two critical bullish trend lines formed on the chart, which may act as a barrier for sellers on the downside.

Moreover, the chart also shows why the $13.00-$12.80 area is a significant support and may act as a buy zone. So, if you are looking to buy Ether, then consider placing a stop below the highlighted trend lines.

Weekly Resistance Levels

$13.50 and $14.00

Weekly Support Levels

$13.00 and $12.80

12-hours RSI

The RSI technical indicator is sitting near the 50 level, with no major direction.

12-hours MACD

The MACD is just in the bullish zone, and waiting for the bulls to take control.
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Ether Technical Analysis

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