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Ether Price Analysis
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ETH/USD Weekly Forecast: Bullish Consolidation





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. 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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