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

By

Aayush

Jindal

Guest AnalystETHNews.com

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, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession, loves blogging and observing financial markets

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