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ETH/USD Weekly Forecast: Buyers Losing Control

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether price faced a lot of selling pressure after testing $50 against the US Dollar, and now ETH/USD looks poised for a correction.

Key Highlights

Ether price downside extended from the $52.80 high against the US Dollar.
The ETH/USD pair declined sharply and traded close to the $30 handle where it found support.
There is a crucial support base near $30, which holds a lot of importance for the current bullish trend.

Technically, the 12-hour chart indicators are signaling exhaustion of the bullish trend.

Ether Price to Hold $30?

This past week was a crazy ride for Ether, as the price managed to pop above the $50 handle against the US Dollar. It also managed to trade above the 0.040BTC resistance against Bitcoin.

Ether Price Weekly Analysis Chart

Overall, the market sentiment was very positive, and helped buyers take the price higher. However, they struggled to take carry the momentum further above $53. There was no proper close above $50. As a result, the price started a correction.

There was a sharp decline initiated as the price traded below $45, $40 and then $38. The price also failed to bounce from the 61.8% Fibonacci retracement level of the last wave from the $32 low to $52.80 high.

The price tested the full extension and moved close to the $30 handle. The 2-hour chart of ETH/USD clearly suggest a slide with a descending contracting triangle pattern. The price at the moment is attempting a bounce from the $32-31 support area.

Ether is facing resistance near the triangle upper trend line at $37. Moreover, the 38.2% Fibonacci retracement level of the recent decline from the $52.80 high to $31.26 low is also around the $37-38 resistance zone.

Overall, it looks like the price has a good support around $32, and it might attempt a move above the $40 handle one more time.

Ethereum ETH/USD Forecast

Looking at the 12-hour chart of ETH/USD, the pair is currently trading near a major bullish trend line with support above $32. So, it is quite clear that the $32-20 support area is very important for Ether price at the moment.

It might bounce back towards $40 or even break it. On the other hand, a break below $30 might call for a change in the trend.

Weekly Resistance Levels

$38 and $40.00

Weekly Support Levels

$32.00 and $30.00

12-hour RSI

The RSI technical has declined from the overbought levels, and reaching the 50 level.

12-hour MACD

The MACD has reduced the bullish slope, and just holding the bias.

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

ETHNews is commited to its Editorial Policy

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