Key Highlights
Ether price surged higher to create a new weekly high against the US Dollar and Bitcoin.
The ETH/USD pair broke a monster resistance area of $13.25 to trade near $13.50.
A bearish trend line on the 4-hours chart was broken, suggesting further upsides in the near term.

Technically, the hourly chart is pointing the possibility of a break above today’s high at $13.52.

ETH/USD Resistance Now Support

Yesterday, I highlighted a monster resistance area at $13.25 for the ETH/USD pair, and mentioned how many times the Ether bulls failed to break it. Finally, there was a break above it, which cleared the way for the bulls to push the price further higher.

Ether Price Analysis Chart

There was a new weekly high formed at $13.52, and it looks like they have not finished yet. There was a minor correction already from the recent high. It found buyers near the 23.6% Fib retracement level of the last wave from the $13.04 low to $13.52 high.

So, it means the price has already completed a correction, and there are high chances of a new high above $13.52 in the short term. If the price fails to retain the bullish momentum, and corrects lower once again, then the most important support lies at $13.25. It was a monster resistance earlier and now may provide support.

Ethereum ETH/USD Forecast

The stated support level also coincides with the 50% Fib retracement level of the last wave from the $13.04 low to $13.52 high. So, there are enough reasons to consider it as a crucial support area.

No doubt, the price broke a major resistance as it is visible on the 4-hours chart of ETH/USD. There was a bearish trend line, which was broken during the recent surge. The last four candles on the same chart are bullish, and signaling more upsides in the near term.

Hourly RSI

The RSI technical indicator is around the overbought levels, but momentum is intact.

Important Resistance Levels

$13.50 and $13.80

Important Support Levels

$13.40 and $13.25

Hourly MACD

The MACD is now placed strongly in the bullish zone.
The content on is provided for informational purposes only and it is not intended to be, and does not, constitute financial advice or any other advice. You should not rely on any content to make an investment decision. is not responsible for any investment decision made by you. You are responsible for your own investment research and investment decisions.

Ether Technical Analysis

Today ETH/USD Forecast: Ethereum Price Sticks To Bullish Bias
10-05-2016 ETH/USD Forecast: Back To $13.20 Support Zone
10-04-2016 Ether Price Soars Higher, Overcame Selling Pressure
10-03-2016 Ether Price Modestly Bearish Within Range

Subscribe to our Newsletter

* indicates required
Email Address *
First Name
Last Name
News Categories of Interest