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Ethereum Weekly Forecast: Ether Price Bullish above $1,000

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether is comfortably placed above the recent low of $750.00 against the US dollar, while ETH/BTC is currently above the 0.1000 mark. ETH/USD must break $1,000.00 to gain upside momentum.

Key Highlights

Ether has recovered nicely from a major support zone at $750.00 against the US dollar.
A crucial contracting triangle is forming with resistance near $1,160.00 and support at $750.00 on the 12-hour chart of ETH/USD.
ETH/BTC gained a lot of momentum this past week to settle above the 0.1000BTC resistance.

Technically, the 12-hour chart indicators are rising higher, showing bullish signs.

Can Ether Price Break $1,000?

This past week, there was a sharp downside move in ETH/USD. The pair traded lower by more than 25 percent to test a crucial support area near $750.00.

ETH/BTC on the other hand, traded above a major resistance area at 0.1000BTC, even testing the 0.1100BTC resistance level, before starting a downside correction. The pair is currently placed comfortably above the 0.1000BTC pivot level.

Ethereum Price ETH/USD Forecast

Let’s start with the 12-hour chart of ETH/USD to understand the bigger picture. It seems like the pair started a three wave correction pattern from the $1,422.48 high. The first wave ended at $750.00, the second wave completed above $1,200.00 and the third wave ended this past week back at around $750.00.

If the third wave is complete, there is likely a double bottom pattern forming at $750.00. The price bounced sharply from the $750.00 support zone. However, the price has to move above the 50 percent Fibonacci retracement level of the last decline from the $1,238.92 high to $745.78 low.

A successful close above $990.00 and $1,000.00 could confirm the stated double bottom pattern. Moreover, there is a crucial contracting triangle forming with resistance near $1,160.00 and support at $750.00. Therefore, above $1,000.00, the next major hurdle would be the triangle resistance at $1,160.00.

Above the mentioned $1,160.00, the pair will most likely complete a three wave correction pattern, and it could move toward or above $1,420.00.

Ether Price Weekly Analysis Chart

On the other hand, if ETH/USD moves down once again and breaks the $750.00 support, it would invalidate the double bottom pattern.

Looking at the 2-hour chart, Ether’s price is trading near a bearish trendline with resistance at $960.00. A successful 2-hour close above $960.00 may perhaps push the price above the $1,000.00 resistance. On the downside, crucial supports await at $900.00, $800.00 and $750.00 respectively.

Weekly Resistance Levels

$1,000.00 and $1,160.00

Weekly Support Levels

$900.00 and $750.00

12-hour RSI

The RSI is moving north toward the 50 level.

12-hour MACD

The MACD is showing positive signs, but it is still in the bearish 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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