Key Highlights
Ether price started a short-term correction against the US Dollar, which found resistance near $7.90-95.
The ETH/USD pair traded lower after a rejection near $7.95, and broke a bullish trend line formed on the hourly chart.
The pair seems to be struggling at the moment, and may trade back towards the $7.50 support.

Technically, the indicators on the hourly chart have resumed their declines after correcting oversold conditions.

Ether Price to Test $7.50?

This past week was not that good for Ether price, as it faced a lot of hurdles against the USD and BTC. The ETH/USD pair kept facing offers near $7.90-$8.00, and failed to post a substantial recovery.

Ether Price Analysis Chart

The recent recovery stalled just above $7.90 where sellers managed to defend further upsides. There were 3-4 attempts to pierce the stated resistance, but Ether price could not gain momentum.

As a result, there was a downside reaction. The ETH/USD pair fell below the 23.6% Fibonacci retracement level of the last wave from the $7.49 low to $7.93 high. The most important point to note is that the pair cleared a short-term bullish trend line formed on the hourly chart.

The pair is currently testing the 50% Fibonacci retracement level of the last wave from the $7.49 low to $7.93 high at around $7.65 and finding bids. However, the recent break looks crucial, and may ignite more declines in ETH/USD.

Looking at the last three candles, there is a bearish formation, having a potential for a push towards $7.50. As long as the pair keeps struggling below $7.90, there cannot be a proper recovery.

Ethereum ETH/USD Forecast

The stated level is very important, and the 4-hours chart also suggests the same. It was a critical support earlier and prevented downsides. Now, it is acting as a resistance and stopping upsides.

The current pattern on the 4-hours chart looks like a consolidation ahead of the next wave in ETH/USD.

Important Resistance Levels

$7.90 and $8.00

Important Support Levels

$7.55 and $7.50

Hourly RSI

The RSI technical indicator has breached the 50 level, suggesting a short-term bearish bias.

Hourly MACD

The MACD has moved back in the bearish slope, and about to extend it.
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Ether Technical Analysis

Today ETH/USD Forecast: Consolidating Above $200
12-20-2016 ETH/USD Poised To Extend Its Decline
12-19-2016 ETH/USD Rejected By Sellers around $7.90
12-18-2016 ETH/USD Weekly Forecast: Ether Consolidating Losses

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