September 26, 2016 11:14 AM
Ether price has been under a bearish pressure lately versus the US Dollar, but there is a chance of a trend change if ETH/USD breaks $13.10.
Ether price pushed down further during the past 24-hours and found support at $12.80 against the US Dollar.
The ETH/USD pair is now bouncing from the support, but facing a monster challenge at $13.00-10.
A break above the mentioned resistance may lift the market sentiment in favor of the ETH bulls.
Technically, the 2-hours chart is signaling a base formation at $12.80 in ETH/USD.
Ether Price Resistance
Ether price after struggling to move higher against the US Dollar and Bitcoin over the weekend traded lower. However, the price found support at $12.80 in ETH/USD, and 0.0210BTC in ETH/BTC. It is now under a recovery phase, and challenging a crucial resistance.
If we have a look at the 30-min chart of ETH/USD, the pair is approaching a couple of resistance levels. An initial one is at $13.00. It acted as both support and resistance earlier. So, it won’t be easy for the Ether bulls to break it.
The next resistance is around $13.10. It represents a major hurdle for further gains, as it prevented an upside move on a couple of occasions. Moreover, the 38.2% Fibonacci retracement level of the last drop from the $14.31 high to $12.70 low is also around the same levels.
Moving on to the 2-hours chart of ETH/USD, there are two bearish trend lines meeting around $13.10. This means the highlighted resistance area holds a lot of importance in the short term.
If there is a successful close above $13.10, it would put the price back in the bullish zone. In that situation, a move towards the $13.50 level is also possible. On the other hand, a failure to break it may test buyer’s strength once again at $12.80.
Important Resistance Levels
$13.00 and $13.10
Important Support Levels
$12.80 and $12.50
The RSI technical indicator is hovering near the 50 level and waiting for a catalyst for the next move.
The MACD is currently in the bearish zone, but slowly stabilizing.
Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession, loves blogging and observing financial marketsETHNews is commited to its Editorial Policy
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