Key Highlights
Ether price remained above the $12.00 support area against the US Dollar with no major moves.
The ETH/USD pair looks like started a consolidation, and trading in a range before the next move.
There is a short-term upside break noted on the 30-min chart, signaling a positive bias.

Technically, the hourly chart indicators are mostly flat, but with slight north movements.

ETH/USD Important Support

Yesterday, I mentioned that there is a chance of a new low in Ether price versus the US Dollar, and highlighted why the $12.00 support holds a lot of value. There was a minor dip in the ETH/USD pair, but the stated support area acted as a perfect barrier for sellers.

Ether Price Analysis Chart

There was a nice rejection at $12.04, pushing the price back higher. During the recent upside move, the price managed to break a minor bearish trend line formed on the 30-min chart of ETH/USD. However, the pair found offers near the 50% Fibonacci retracement level of the last decline from the $12.28 high to $12.04 low.

At the moment, the pair is moving down, but finding support near a bullish trend line formed on the same chart. One key aspect to note is that the pair is now above the $12.10 resistance area. It means there is a chance of further gains if the Ether buyers remain in action.

Ethereum ETH/USD Forecast Chart

However, one must not hope for any major gains, as the upside may be limited. Looking at the 2-hours chart of ETH/USD, there is a clear consolidation pattern formed. On the downside, there is the all-important $12.00 support area, and on the upside, $12.25 seems to be a hurdle for buyers.

As long as the price is consolidating, we may witness range moves. Once there is a break, the price may gain momentum. In my view, the chances of an upside move are more as long as ETH/USD is above $12.00.

Important Resistance Levels

$12.25 and $12.40

Important Support Levels

$12.00 and $11.80

2-hours RSI

The RSI technical indicator is below the 50 level with no real direction.

2-hours MACD

The MACD is in the bearish zone with a flat structure, signaling a range.
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Ether Technical Analysis

Today ETH/USD Weekly Forecast: Ethereum Price Bullish Development
10-23-2016 ETH/USD Weekly Forecast – Bearish Sentiment Leads
10-22-2016 Ether Price Started Yet Another Consolidation
10-21-2016 ETH/USD Forecast – New Low Likely Before Recovery

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