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ETH/USD Weekly Forecast: Is This ‘A’ Correction?

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether price after a downside reaction started consolidating against the US Dollar. Let’s see if the current wave is a correction in ETH/USD or a bearish reversal.

Key Highlights

Ether price after an upside ride towards $12.00 against the US Dollar found resistance, and started moving down.
The ETH/USD pair broke a couple of support levels on the way down like $11.00 and $10.20.
The pair is currently forming a pennant looking pattern on the 2-hour chart for the next break in the near term.

Technically, the 12-hour chart indicators showing a shift of momentum towards bearish, but slowly looing grip.

Ether Price Crucial Support Levels

This past week was an eventful period for Ether price, as it sharply moved higher towards $12.00 against the US Dollar. Moreover, the ETH/BTC pair also gained traction for a recovery above 0.010BTC.

Ether Price Analysis Chart

Later, the upside move in Ether price exhausted, and ETH/USD made a short-term top near $11.87. The pair started a downside move, and traded below the 23.6% Fibonacci retracement level of the last leg from the $5.94 low to $11.87 high.

It was the first sign that the pair may have started a correction. The downside move was such that the pair once broke the $10.00 support area and moved towards the $9.00 handle.

However, there was no daily close below $9.00, which is a positive sign that the trend may have not changed for Ether price. The price at the moment forming a consolidation, and it looks like a pennant pattern is forming on the 2-hour chart of ETH/USD.

The pair is comfortably placed above the $9.50 level, and holding the downside move. As long as the price is above the stated level, there are chances of an upside break going forward.

Ethereum ETH/USD Forecast

The 12-hour chart of ETH/USD suggests that the pair is above a couple of important support levels. The crucial one is around the $8.50 area, which can be considered as a monthly pivot. As long as the price is above the stated support, the current wave can be considered as a part of the correction. Only when there is a break below $8.50, there are possibilities of a trend change.

Weekly Resistance Levels

$10.20 and $11.00

Weekly Support Levels

$9.00 and $8.50

2-hour RSI

The RSI technical indicator is still above the 50 level, but struggling to hold the bias.

12-hour MACD

The MACD is just in the bullish zone, which is a positive sign.

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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