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Ethereum Price Weekly Forecast: Ether’s Upward Drift

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether is positioned nicely in a bullish zone above $850.00 against the US dollar. ETH/USD could continue to trade further higher but a current break above the $1,000.00 resistance could prove to be difficult.

Key Highlights

Ether traded higher this past week and settled above a pivot level at $850.00 against the US dollar.
There was a break above a major bearish trendline with resistance at $800.00 on the 12-hour chart of ETH/USD.
ETH/BTC started a downward correction and moved below the 0.0950BTC and 0.0900BTC support levels.

Technically, the 12-hour chart indicators started moving higher in the bullish territory, which is a good sign.

Why $1,000 is Significant for ETH/USD?

Ether buyers were in control this past week as ETH/USD gained upside momentum and broke three important resistance levels - $800.00, $900.00 and $950.00.

However, ETH/BTC could not hold the 0.1000BTC support and started a downward correction. It broke the 0.0950BTC and 0.0900BTC support levels and is currently in a bearish zone.

Ethereum Price ETH/USD Forecast

Looking at the 12-hour chart of ETH/USD, there was a strong bullish candle formed around $560.00. A low was formed at $564.11 and the price started a fresh upward move. It moved above the 23.6 percent Fibonacci retracement level of the last decline from the $1,238.89 high to $564.11 low.

More importantly, there was a break above a major bearish trendline with resistance at $800.00 on the same chart. There was a sharp rise in buyer’s sentiment that pushed the price above the $900.00 resistance.

A break above the mentioned $900.00 resistance was crucial since it was close to the 50 percent Fibonacci retracement level of the last decline from the $1,238.89 high to $564.11 low.

The last three green candles suggest a positive sentiment, but Ether’s price is facing a key resistance at $1,000.00. The stated $1,000.00 level is a significant pivot and buyers will most likely struggle to push the price above the same.

Ether Price Weekly Analysis

Above $1,000.00, the next important resistance is at $1,140.00. Moving on to the 2-hour chart, there are two bullish trendlines forming with support at $940.00-950.00. It seems like a short-term downward correction is underway, but the stated $940.00-950.00 is likely to act as decent support.

Overall, ETH/USD has moved into the bullish zone, but it must break the $1,000.00 resistance during the coming days to remain in an uptrend.

Weekly Resistance Levels

$1,000.00 and $1,140.00

Weekly Support Levels

$950.00 and $900.00

12-hour RSI

The RSI is now above 50 and is moving toward 65.

12-hour MACD

The MACD is slowly gaining bullish momentum.

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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