ETH/USD Weekly Forecast: Slow Revival Likely
|Ether price traded close to the $10.40 support against the US Dollar before correcting a few points higher.|
|The ETH/USD pair is currently trading near a confluence resistance near $10.55 formed with two bearish trend lines on the 2-hour chart.|
|The12-hour chart suggest that the price bounced recently from a trend line support at $10.40.|
Technically, the 12-hour chart indicators suggest loss of momentum and consolidation.
Ether Price to Recover Soon?
This past week was mostly silent, as there was no major move in Ether price against the US Dollar, but it slowly moved down from the $11.00 resistance.
On the other hand, the ETH/BTC pair was seen gaining pace, but later during the week, it faced resistance and corrected most of its gains.
The ETH/USD was seen following a lower lows pattern in which it formed new lows in each wave. The recent downside wave too broke the last swing low of $10.43 and formed a new low at $10.41.
The price is currently seen recovering from the $10.40 support, and trading near a crucial resistance at $10.55. A confluence resistance area is formed on the 2-hour chart with two bearish trend lines. The last candle on the chart is bullish, and suggest that the price is trying to break the resistance.
If it succeeds there is a chance of an upside move may be towards the 50% Fibonacci retracement level of the last decline from the $11.00 high to $10.41 low. The technical indicators on the lower time frame charts are gaining momentum, but a break above $10.55-10.60 is needed for further gains.
The 12-hour chart of ETH/USD suggests that the pair recently found support near a connecting bullish trend line at $10.40. The current candle is positive, and points a possible bounce from the current levels.
On the upside, there is a bearish trend line with resistance near $11.00. So, if the price breaks above $10.60, it could head towards the next possible resistance at $11.00, which was also the swing high.