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.