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ETH/USD Weekly Forecast: Positive Trend Development

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether price bounced back sharply this past week against the US Dollar and Bitcoin, suggesting positive trend development in ETH/USD.

Key Highlights

Ether price managed to gain traction against the US Dollar and traded above the $8.0 handle this past week.
There is a major bullish break visible on the 12-hour chart of the ETH/USD pair.
The 2-hour chart suggests a crucial resistance near $8.55, and support at $8.00.

Technically, the indicators on the 12-hour chart changed the bias to bullish.

Ether Price Consolidating Gains

This past week was much better for Ether price, as it climbed higher against both the US Dollar and Bitcoin. The ETH/USD pair performed well, and the best part was a close above the $8.00 handle.

Ether Price Weekly Analysis Chart

When we look at a higher timeframe chart like the 12-hour chart, there is a clear bullish break visible. A bearish trend line on the same chart was cleared to open the doors for more gains at $7.30.

Moreover, there was a break above the 38.2% Fib retracement level of the last decline from the $10.24 high to $5.94 low. These signs are positive, and suggesting that the price may now move higher in the near term.

The chart also shows the importance of the $7.00 support. The price formed a base near the mentioned support and moved higher. The upside move was just shy of the 50% Fib retracement level of the last decline from the $10.24 high to $5.94 low.

Considering the 2-hour chart of ETH/USD, there is a crucial resistance at $8.50-8.55. There are two failed attempts already. On the downside, the $8.00 support is holding declines and acting as a barrier for Ether sellers.

Ethereum ETH/USD Forecast Chart

Currently, it looks like there can be another test of the $8.20-00 support area before the pair moves higher once again. A successful break and close above the $8.55 resistance area is needed for the price to test the $9.00 handle.

Overall, the trend is positive as long as the price is above the $8.00 support.

Weekly Resistance Levels

$8.50 and $8.80

Weekly Support Levels

$8.00 and $7.80

12-hour RSI

The RSI technical indicator is yet to settle above the 50 level.

12-hour MACD

The MACD is in the bullish zone, but slowly reducing slope.

Aayush Jindal

Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession, loves blogging and observing financial markets

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The content on ETHNews.com is provided for informational purposes only and it is not intended to be, and does not, constitute financial advice or any other advice. You should not rely on any ETHNews.com content to make an investment decision. ETHNews.com is not responsible for any investment decision made by you. You are responsible for your own investment research and investment decisions.