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Ether Price Analysis
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Ether Price Correcting Higher, But Still Ranging





ETH/USD kept on testing highs and lows, and failed on many occasions to gain pace for a substantial move.

Key Highlights

Ether price recently tested the $11.85-80 support area against the US Dollar, and found bids.
There was a break below a support trend line on the 30-min chart of ETH/USD for a test of the $11.85-80 support area.
The pair is currently recovering, but still it remains in a range on the higher timeframe chart.

Technically, Ether price can correct further higher, but a steeper recovery seems well-limited.


The Ether started the week advancing moderately, particularly against the US Dollar and Bitcoin. The ETH/USD fell down to $11.85 before bouncing modestly. During the downside move, there was a close below a support trend line on the 30-min chart.

Ether Price Analysis Ethereum

However, the downside was limited, as the all-important $11.85-80 support pitched in and rescued the Ether buyers. The pair also bounced from the 50% Fibonacci retracement level of the last wave from the $11.79 low to $12.03.

The pair is currently moving higher, and can correct further higher, but a sustained recovery seems well-limited. As we all know there is a monster barrier on the upside waiting for the ETH bulls to present offers. The stated barrier is at $12.10, which represents the range resistance, as highlighted in the last few analysis.

ETH/USD Forecast Chart

An initial resistance is at $12.03, which is the recent swing high, and then comes $12.10. It would be interesting to see if the ether buyers will fail once again to take the price above it.

The 2-hours chart of ETH/USD shows how the range is playing a major role. Both, sellers and buyers failed many times. As a result, the price is stuck in a tight range of $11.80-$12.10. I think we may soon witness swing moves due to yet another hard fork as announced this past week. Traders should trade carefully, and keep a watch on the news wires.

Important Resistance Levels

$12.03 and $12.10

Important Support Levels

$11.85 and $11.80

30-min RSI

The RSI technical indicator remained above the 50 level, signaling a short-term bullish trend.

30-min MACD

The MACD is back in the bullish zone, but not with much momentum.

Aayush Jindal

Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis. He strives to provide entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession and loves blogging.

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