Technically, the hourly chart highlights a rejection near the $12.40 support zone.

ETH/USD Forecast

Yesterday, I highlighted how Ether price managed to post healthy gains and a major break against the USD and BTC. There was a break above a monster resistance area of $12.10 in ETH/USD, which opened the doors for further gains.

Ether Price Analysis Chart

The price after trading as high as $12.94 started a correction. During the correction, it tested the 38.2% Fibonacci retracement level of the last wave from the $11.80 low to $12.94 high where it found support. The stated Fib level also coincided with a bullish trend line on the hourly chart of ETH/USD.

The pair bounced from the highlighted bullish trend line, and during the recent upside move cleared a bearish trend line on the same chart. The stated break is a clear signal of rejection near the $12.40 support area, and it means the pair is now set for another upside move.

Ethereum ETH/USD Forecast chart

If the highlighted rejection pattern is valid, there is a chance of ETH/USD moving back towards the $12.80 level at least. And, if the Ether buyers step up the momentum, there is a possibility of the price heading towards the $13.00 handle.

The 4-hours chart also signals a major break above $12.10 yesterday. We can also notice that the last 4-hours candle is bullish, and pointing towards further upsides in the short term.

Important Resistance Levels
$12.80 and $13.00
Important Support Levels
$12.40 and $12.10
Hourly RSI
The RSI technical indicator just found support near the 50 level, which is matching with the highlighted rejection.
Hourly MACD
The MACD is shaping well in the bullish zone with no sign of a trend change.
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Ether Technical Analysis

10-26-2016 ETH/USD Rally Remains Attractive To Sellers
10-20-2016 ETH/USD – EXP Attack Destroys Ether Bullish Trend
10-19-2016 Ether Price Sets Eye On $13.00
10-18-2016 ETH/USD Forecast – Ether Buyers Are Back

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