Key Highlights
Ether price remained under a lot of pressure against the US Dollar and Bitcoin, and created new weekly low.
The ETH/USD pair extended its yesterday’s downside, and tested the $12.80 support as forecasted.
The pair is likely forming a double bottom pattern, which if fails may put further bearish pressure on Ether.

Technically, all indicators are pointing south with almost no chances of a recovery in the short term.

Ether Price Forming Base for Recovery?

There was no respite for the Ether, as it continued to weaken against the US Dollar and Bitcoin. Yesterday, I stated that the ETH/USD pair can move down towards the $12.80 support. It did trade lower, and tested the stated level.

Ethereum Ether Price Analysis Chart

There was a descending bearish channel formed on the hourly chart, which was broken during the recent downside move. A new weekly low of $12.75 was formed (average price). Ether price is currently attempting to recover, but facing offers on the upside.

An initial resistance is around the channel upper trend line, and the 23.6% Fibonacci retracement level of the last drop from the $13.52 high to $12.75 low. In short, if I want to point out the first hurdle, it’s at $13.00. I think it won’t be easy for the Ether buyers to push the price above it.

ETH/USD Forecast Chart

When we look at the positive side, there is likely a bullish pattern forming on the 4-hours chart of ETH/USD. A double bottom pattern is slowly forming at $12.80. No doubt, it’s an important support zone, and if bulls put up a fight, the price may recover.

On the other hand, if they fail, there can be further declines. The price may even head towards $12.50, which can be considered as the next stop for sellers.

Important Resistance Levels

$13.00 and $13.20

Important Support Levels

$12.75 and $12.50

Hourly RSI

The RSI technical indicator is around the oversold readings, but there is hardly any sign of a recovery.

Hourly MACD

The MACD moved is strongly placed in the bearish zone, signaling more losses.
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Ether Technical Analysis

09-24-2017 ETH/USD Weekly Forecast: Ethereum Price Bullish Development
10-08-2016 Ether Price ‘Flash Crash’ Post Failed Double Bottom
10-07-2016 ETH/USD: Double Bottom or Further Declines
10-06-2016 ETH/USD Forecast: Scale Leans Towards The Downside

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