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Ether Price Analysis
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ETH/USD Weekly Forecast: Is This “The” Correction?





It was a great week for the Ether, as both ETH/USD and ETH/BTC registered heavy gains. Going forward, there is a chance of a correction

Key Highlights

This past week was a roller coaster ride for Ether price against the US Dollar and Bitcoin.
The ETH/USD pair traded as high as $20.62 from where a correction wave was initiated.
The price is currently in the 3rd wave, which might complete anywhere near $18.00 before resuming the trend.

Technically, the daily chart indicators are correcting from the overbought levels.

Ether Price Made a Top or Correcting?

This past week was amazing for the Ether investors, as the price almost gained by 50%. Once there was a break above $16 in ETH/USD, the price surged higher and traded above $20.

Ether Price Weekly Chart Analysis

A new yearly high was formed for ETH/USD at $20.62 from where the price started a correction. Similarly, the ETH/BTC traded towards 0.0160BTC, and later started correcting lower.

Now, the main question is whether ETH/USD has a made a short-term top near $20.62 or the current wave is a part of a correction. I would say that the price is under a correction.

Looking at the 2-hour chart of ETH/USD, there is a three-wave pattern formed. The first wave completed near $18.30, and the second one at $20.00. In yesterday’s analysis, I mentioned that the second wave could complete near the psychological level at $20 or $20.20 before moving down once again.

The price completed the second wave near $20, and it is now in the third wave. The current wave could complete anywhere near $18.00 or $17.80.

There is a major support area on the downside near $17.80, as a bullish connecting trend line is positioned. It may act as a crucial support and prevent losses in the short term.

The $17.80 level also coincides with the 50% Fibonacci retracement level of the last wave from the $15.20 low to $20.62 high. So, the $17.80 is a perfect zone for the current correction wave to complete.

Ethereum ETH/USD Forecast

We can say as long as the price is above $17.80, the current move can be considered as a correction. Once there is a break, the price may come under further downside pressure.

The daily chart of ETH/USD suggests that Ether price struggled near $20.60, and stated a correction. The most important point is the fact that the price has formed many long term supports at $17.50 and $15.80.

Weekly Resistance Levels

$20.00 and $20.60

Weekly Support Levels

$17.80 and $17.50

Daily RSI

The RSI technical indicator started moving away from the overbought levels.

Daily MACD

The MACD is currently reducing the bullish zone, signaling a correction.

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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