Key Highlights
Ether price after creating a new weekly high of $13.52 against the US Dollar, corrected lower.
The ETH/USD pair is back to a monster support area of $13.20-25.
It was a resistance earlier, and currently holding further downsides.

Technically, the 4-hours chart is pointing another rejection at $13.50 in ETH to USD.

Ether Price Analysis

There was a nice upside move in ETH/USD yesterday, as the pair formed a new high of $13.52. It looks like the bulls failed to maintain the bullish trend, as there was a rejection noted around the stated level.

Ether Price Analysis Chart

The pair moved down and broke the 38.2% Fib retracement level of the last wave from the $13.04 low to $13.52 high. So, it cleared the way for more losses. However, I mentioned yesterday that the $13.25 level may now act as a monster support if the pair corrects lower.

It did come for rescue and protected further losses. Ether price is currently trading above the $13.25-20 support area and consolidating the recent correction losses. As long as the price is above the highlighted support area on the hourly chart, it may recover soon.

ETH/USD Forecast Ethereum

When we have a look at the 4-hours chart of ETH/USD, there is a clear rejection pattern at $13.50. We can see two such cases and similar scenarios highlighted with circles on the chart. Both times, the price struggled to break the $13.50 level, got rejected and moved down.

On the downside, there is a bullish trend line formed on the 4-hours chart, which may act as a support if the pair continues to move down. Overall, it looks like the recent failure at $13.50 was crucial, but the price remains supported at $13.20-25.

Important Resistance Levels

$13.38 and $13.50

Important Support Levels

$13.25 and $13.20

Hourly RSI

The RSI technical indicator broke the neutral level, and currently attempting to head north.

Hourly MACD

The MACD moved sharply into the bearish zone, but now stable.
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Ether Technical Analysis

09-24-2017 ETH/USD Weekly Forecast: Ethereum Price Bullish Development
10-06-2016 ETH/USD Forecast: Scale Leans Towards The Downside
10-05-2016 ETH/USD Forecast: Back To $13.20 Support Zone
10-04-2016 Ether Price Soars Higher, Overcame Selling Pressure

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