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Ethereum Weekly Forecast: Ether Price looking for a new push?

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether price action seems to indicate an attempt for further gains against the US dollar and bitcoin. ETH/USD has formed a solid support base above $750.00 and is placed well in the bullish zone.

Key Highlights

Ether completed an important downside correction near $750.00 against the US dollar.
There are two crucial bullish trendlines forming with support at $750.00 and $820.00 on the daily chart of ETH/USD.
ETH/BTC is also trading in the positive zone with supports at 0.0850BTC and 0.0800BTC.

Technically, the daily chart indicators have started an upside move in the bullish territory.

Can ETH/USD Continue to Move Higher?

There was a sharp decline in ETH/USD this past week as the pair moved below the $1,000.00 support level. However, the downside move found support near the crucial $750.00 mark and recovered nicely.

On the flip side, ETH/BTC remained in the bullish zone and traded toward the 0.1000BTC. Later, the pair started a downside correction and is currently trading below the 0.0900BTC support. The next supports on the downside are 0.0850BTC and 0.0800BTC.

Ethereum Price ETH/USD Forecast

Starting with the daily chart of ETH/USD, we can see how the pair managed correct from the $750.00 support region. There are two crucial bullish trendlines forming with support at $750.00 and $820.00 on the same chart.

It seems like there is a decent support base forming around $800.00. As long as there is no upcoming daily close below the mentioned $800.00 support, Ether’s price remains in a bullish trend in the medium term.

The current price action is bullish with a green daily candle above $1,000.00. Therefore, the pair will most likely continue to move higher toward $1,200.00 and $1,250.00.

Ether Price Analysis Chart

Moving down to the 2-hour chart of ETH/USD, there was a break above a contracting triangle resistance at $1,080.00. The stated $1,080.00 level is currently acting as a support. Below $1,080.00, the triangle support trend line is at $1,050.00 to act as a buy zone.

Overall, the medium term bias is bullish with supports at $1,000.00, $820.00 and $750.00. To the topside, the price could trade past $1,200.00 for further gains in the coming days.

Weekly Resistance Levels

$1,200.00 and $1,250.00

Weekly Support Levels

$1,000.00 and $820.00

Daily RSI

The RSI is moving higher and is currently just above the 50 level.

Daily MACD

The MACD is slowly gaining 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, 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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