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Ethereum Weekly Forecast: ETH/USD Rolling Higher

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether is rising with many bullish signs against the US Dollar and bitcoin. ETH/USD will possibly accelerate further toward $1,100.00 and $1,200.00.

Key Highlights

Ether is surging higher and is currently placed well above $1,000.00 against the US Dollar.
A crucial support is forming around $850.00-900.00 on the 12-hour chart of ETH/USD.
ETH/BTC is moving nicely higher with bullish moves above the 0.0600BTC support.

Technically, the 12-hour chart indicators are rising higher in the bullish territory.

ETH/USD to Continue Higher

It was a great week for Ethereum supporters as Ether’s price broke the $1,000.00 level for the first time and is currently placed well above the mentioned level.

Ethereum Price ETH/USD Weekly Forecast

More importantly, there was a recovery initiated in ETH/BTC. The pair moved higher and broke an important resistance at 0.0600BTC. The next key resistance on the upside sits at 0.0750BTC.

Starting with the 12-hour chart of ETH/USD, there are many bullish signs above the $800.00 level. The pair broke a major resistance zone at $850.00-900.00, which cleared all hurdles for a move above $1,000.00.

The pair recently traded to a new all-time above $1,050.00 and it seems like the current upside move is far from over. The broken resistance zone near $850.00-900.00 will most likely act as a support in the near term.

Moreover, there is a key bullish trendline forming on the same chart with support at $900.00. It seems like the current upside wave could extend beyond $1,050.00 toward the $1,100.00 level.

Moving down to the 2-hour chart of ETH/USD, there is an ascending channel forming with support at $1,000.00 and resistance near $1,080.00. Below the channel support, there is a bullish trendline with support at $940.00.

Ether Price Analysis Chart

The current technical bias is positive for Ether and the price will most likely continue moving higher toward the $1,100.00 level. Should there be a short-term correction, the $1,000.00 and $900.00 support levels should prevent declines.

The overall short-to-medium term bias remains bullish above $900.00. More upsides are likely in ETH/USD since the technical indicators are aligned nicely in the positive territory.

Important Resistance Levels

$1,080.00 and $1,100.00

Important Support Levels

$1,000.00 and $900.00

12-hour RSI

The RSI is moving higher toward the 70 level.

12-hour MACD

The MACD is gaining bullish momentum in the bullish zone.

Aayush Jindal

Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis. He strives to provide entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession and loves blogging.

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