Key Highlights
Ether price jumped higher against the US Dollar, and broke the $12.80 resistance.
There is likely a double bottom pattern forming on the 30-min chart of ETH/USD.
The pair is currently trading above $13.00, and looks set for further gains.

Technically, the 2-hours chart is pointing a trend line break, which needs a candle close above it.

Ether Price Upside Break

Yesterday, I highlighted a couple of resistances and was looking for a break in Ether price. It did move higher not only versus the US Dollar, but the ETH/BTC pair also registered gains. The ETH/USD pair broke an initial resistance of $12.80 to set the pace for an upside move.

Ether Price Analysis Technical chart

An important point to note from the 30-min chart of ETH/USD is the formation of a double bottom pattern. I have highlighted it with yellow circles. If the pattern of rejection is correct, there is a possibility of a move towards the $13.25 level minimum.

The pair is currently above the $13.00, and the Ether bulls are looking for a break above a major resistance of $13.10. The stated level is a major barrier for a sustained move in ETH/USD, as highlighted in yesterday’s post as well.

Ethereum ETH/USD Pair Analysis

When we look at the 2-hours chart of ETH/USD, we can see that there is an attempt to break a bearish trend line. However, there is no 2-hour candle close above it yet.

If the Ether bulls succeed in a close, it would mean that the price succeeded in breaking $13.10. In that scenario, there is a high probability of ETH/USD gaining traction. The pair may even trade towards $13.50, which shifts the trading and technical outlook to positive for Ether. A failure to close above the trend line resistance may push the price back below $13.00.

Important Resistance Levels

$13.10 and $13.25

Important Support Levels

$13.00 and $12.80

2-hours RSI

The RSI technical indicator is turning north and signaling the buyer’s entrance.

2-hours MACD

The MACD is changing the slope and pointing towards more upsides.
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Ether Technical Analysis

09-24-2017 ETH/USD Weekly Forecast: Ethereum Price Bullish Development
09-28-2016 Ether Price Sighting Further Upsides
09-27-2016 Ether Price Trading & Technical Outlook Turns Positive
09-26-2016 ETH/USD Bullish Momentum To Increase Above $13.10

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