Key Highlights
Ether price after creating a minor intraday low against the US dollar traded higher towards $7.75.
Yesterday’s highlighted lower low pattern was filled, as the price recovered after forming a new low.
The ETH/USD pair still below the $7.80 resistance area, which may continue to act as a hurdle.

Technically, the indicators on the 30-min chart are turning north, which is a short-term bullish sign.

Can Ether Price Make It?

We have seen many times how Ether price struggled to clear the $7.80 and $7.90 resistance levels against the US Dollar. The price is once again trading near the same area, and attempting a break higher.

Ether Price Analysis Chart

Yesterday, there was a lower low structure formed, which resulted in a new intraday low. ETH/USD declined and traded near the $7.55 support where it found bids and started recovering.

The upside move was positive, as the pair broke the 61.8% Fibonacci retracement level of the last decline from the $7.77 high to $7.56 low to register gains. At the moment, the pair is finding resistance near a bearish trend line on the 30-min chart at $7.75.

The price attempted not once but twice to break the trend line resistance, but failed. There is even a chance of a third attempt if the market sentiment remains positive.

If there is a correction, then an initial support is at $7.60, representing the 23.6% Fibonacci retracement level of the wave from the $7.56 low to $7.74 high.

Ethereum ETH/USD Forecast Chart

Looking at the 2-hours chart, it looks like an upside move in ETH/USD won’t be easy. The pair is facing a major resistance near $7.75-80. If there a break, then another resistance is waiting on the upside in the form of a bearish trend line.

It looks like the pair may continue to consolidate for some time before making an attempt to break the $7.80 and $7.90 resistance levels.

Important Resistance Levels

$7.80 and $7.90

Important Support Levels

$7.55 and $7.50

30-min RSI

The RSI technical indicator is well above the 50 level in the bullish zone.

30-min MACD

The MACD has moved from the bearish to bullish slope, which is a positive sign in the short term.
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Ether Technical Analysis

Today ETH/USD Forecast: Consolidating Above $200
12-22-2016 ETH/USD Reverses after Tagging $7.90 Resistance
12-21-2016 ETH/USD Regains Losses To Retest Resistance
12-20-2016 ETH/USD Poised To Extend Its Decline

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