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Ethereum Price Weekly Forecast: Ether at Significant Juncture

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether is holding significant support levels against the US dollar and bitcoin. ETH/USD must remain above $780.00 to stay in a positive zone.

Key Highlights

Ether is holding the $780.00-800.00 support level, but it is struggling to move higher against the US dollar.
There is a crucial bearish trendline forming with resistance at $860.00 on the 12-hour chart of ETH/USD.
ETH/BTC started an upside move after testing the 0.0800BTC support level.

Technically, the 12-hour chart indicators are slightly negative and could point towards bearish territory.

ETH/USD Approaching a Major Break

This past week, there was a downside reaction in ETH/USD as the pair failed to move above the $1,000.00 resistance. It declined and traded below the $910.00 support, but it succeeded in holding the $780.00 support.

There was also a lot of pressure on ETH/BTC as the par declined below the 0.0850BTC support and tested the 0.0800BTC level. Currently, it seems like the pair has completed a downside correction and could move back toward the 0.0900BTC resistance.

Ethereum Price ETH/USD Forecast

Starting with the 12-hour chart of ETH/USD, there was a failure to break the $1,000.00 resistance. The pair started a downward wave, traded below a significant bullish trendline at $930.00, and tested a crucial support around the $780.00 level.

The $780.00 support holds a lot of importance and the pair must stay above the stated level to remain in a positive zone.

On the upside, there is a key bearish trendline forming with resistance at $860.00 on the same chart. A successful break and close above $860.00 could clear the path for a recovery toward $1,000.00 during the next few days.

Ether Price Analysis Chart

Moving on to the 2-hour chart of ETH/USD, there is a bearish structure and a trendline forming with resistance at $850.00. On the downside, the $780.00 support is clearly a noteworthy pivot region. Should Ether’s price fails to stay above $780.00, there may perhaps be a test of the $750.00 level.

To sum up, ETH/USD is approaching a major break with support at $780.00 and resistance on the topside at $860.00. Above $860.00, the $900.00 and $910.00 levels serve as important barriers, above which the price could accelerate toward $1,000.00.

12-hour MACD

The MACD is showing minor bearish signs.

12-hour RSI

The RSI is currently below 50 with no major sign of an upside move.

Weekly Support Levels

$780.00 and $750.00

Weekly Resistance Levels

$860.00 and $910.00

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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