ETH/USD Weekly Forecast: Trend Overwhelmingly Bullish
|There was an upside break in ETH/USD, as Ether price moved past this month’s high of $13.38 against the US Dollar.|
|The pair clearly broke a couple of important hurdles to set a bullish trend.|
|The next major barrier for the Ether buyers could be around $14.00 and $14.30.|
Technically, the daily chart indicators turned north and extending moves in the bullish territory.
More Gains in Ether Price?
It turned out to be as easy ride for Ether price, as it moved past the $13.20 resistance area against the US Dollar. The upside move was such that the price was also able to clear this month’s swing high at $13.38.
So, it was a clear break in ETH/USD, as the pair was able to form a new monthly high at $13.70. At the moment, the pair is correcting lower, and heading towards the 23.6% Fibonacci retracement level of the last wave from the $12.25 low to $13.70.
There is a major support area on the downside, waiting to act as a barrier for a downside move. The recent resistance at $13.00 and $13.20 might act as a support in the short term. The same levels prevented upsides earlier, and it won’t be a surprise if it stop the current corrective move.
The $13.00 level also coincides with the 38.2% Fibonacci retracement level of the last wave from the $12.25 low to $13.70. Any major downside move might find crucial support near $13.00.
On the upside, the next major hurdle for Ether price is near $14.00 and $14.30. The $14.00 is a physiological level, and a previous pivot zone. The $14.30 resistance is another major barrier, representing 21st September 2016 high.
There are high chances that the ETH/USD pair might consolidate for some time before making an attempt to test $14.30.
Overall, the trend is bullish for Ether price, and any corrections from the current levels might find support on the downside near $13.20 and $13.00.