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ETH/USD Weekly Forecast: Bullish Consolidation

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether price is back in the bullish zone against the US Dollar and Bitcoin. Going forward, ETH/USD may look for a break above $11.50-11.60.

Key Highlights

Ether price recovered well from the $10.60 support against the US Dollar, and currently consolidating.
There is a bearish trend line formed on the 2-hour chart of ETH/USD with resistance at $11.40.
The 12-hour chart highlights a clear consolidation above $11.00 with resistance at the top near $11.60.

Technically, the 12-hour chart indicators suggest consolidation above their neutral levels.

Ether Price Signaling Strength

This past week was a roller coaster ride for Ether price, as it moved down sharply once against the US dollar towards $10.60. However, it managed to hold the stated support area and later recovered.

Ethereum ETH/USD Weekly Forecast

Let’s start with looking at the 12-hour chart of ETH/USD. There are a few important points to note:

  1. There was a rejection near $11.50-11.60. The price struggled a lot many times to break the mentioned resistance area.
  2. The downside move was prevented near $10.60. It was a strong resistance earlier, and now acted as a crucial support.
  3. The price is again moving higher, and looks set to challenge the $11.60 resistance.
  4. There is also a bullish trend line on the chart, moving higher, and could act as a support near $11.00.

All these points suggest that Ether price is well supported near $11.00-10.60. At the same time, it faces a monster resistance near $11.60.

A break above $11.60 might open the doors for more gains and acceleration towards $11.87, which is the previous swing high. However, in my opinion, above $11.60, the next major resistance is at $12.00.

The price is likely to trade inside the $11.00-11.60 range before making the next move. Looking at the 2-hour chart of ETH/USD, it looks like an initial resistance is near a bearish trend line at $11.40.

Ether Price Weekly Analysis Chart

The same level also coincides with the 76.4% Fibonacci retracement level of the last downside move from $11.61 to $10.62. A break above it could give buyers a reason to push the price above $11.60 as well.

Overall, the trend is positive for ETH/USD at the moment, and any setbacks remain supported near $11.20 and $11.00.

Weekly Resistance Levels

$11.40 and $11.60

Weekly Support Levels

$11.00 and $10.60

12-hour RSI

The RSI technical indicator is supported above the 50 level, and looks to move higher.

12-hour MACD

The MACD is stable 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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