Key Highlights
ETH price remained in the bullish zone against the US Dollar, and made a move towards $8.50.
A new weekly high was established at $8.55 as yesterday’s high as broken at $8.19.
The ETH/USD pair has a bullish trend line on the hourly chart, acting as a support at $8.30.

Technically, the indicators on the hourly chart are strongly bullish, calling for more gains.

ETH/USD Analysis

Yesterday, we analyzed the possibility of further gains in Ether price against the US Dollar and Bitcoin. The ETH/USD pair made a nice upside move, breaking the last swing high of $8.19.

Ether Price Analysis Chart

A new weekly high was formed near $8.55, as the price even managed to surpass the $8.50 resistance. It looks like the ETH/USD pair is struggling to successfully close above the $8.50 level.

So, there is a chance of a correction in the short term. An initial support on the downside is around a bullish trend line on the hourly chart at $8.40. A break below the stated level may call for a test of the 23.6% Fib retracement level of the last wave from the $7.04 low to $8.55 high.

However, the most important support on the downside is around $8.00. It may stop the downside corrective move if the pair dips further from the current levels. The stated level also represents the 38.2% Fib retracement level of the last wave from the $7.04 low to $8.55 high.

Ethereum ETH/USD Forecast Chart

When we look at the 4-hour chart of ETH/USD, there is a clear support base formed near $8.00. So, we must keep a close eye on the mentioned support area if there is a correction.

On the upside, a successful H4 close above $8.50 might call for a push towards the $8.80 level, which is the next important resistance.

Important Resistance Levels

$8.50 and $8.80

Important Support Levels

$8.20 and $8.00

Hourly RSI

The RSI technical indicator is in the overbought levels, which may ignite a correction towards $8.20 or $8.00.

Hourly MACD

The MACD is strongly placed in the bullish zone, suggesting positive bias.
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Ether Technical Analysis

Today ETH/USD Forecast: Consolidating Above $200
12-31-2016 ETH/USD Testing Support Confluence Near $8.00
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