Technically, the 12-hour chart indicators are once again moving higher and remain well in the bullish territory.
Ether Price Weekly Analysis
This past week was excellent for Ether investors, as the price traded higher by more than 20% against the US Dollar and Bitcoin. The ETH/USD pair was able to retest the last high near $55, and followed a nice bullish trend.
Similarly, the ETH/BTC pair found heavy bids near 0.040BTC, igniting a sharp rally above 0.050BTC this past week. It is now trading well above the stated level and remains supported on the downside near 0.048BTC.
Let’s start with the 12-hour chart of ETH/USD. There is a clear uptrend visible. First, there was a noticeable correction, which dropped the price towards $34. The pair found support near a monster bullish trend line near the stated level and started consolidating.
Once the correction wave was complete and the price got out of consolidation, an uptrend was initiated. The price successfully managed to move above the 50% Fibonacci retracement level of the last drop from the $52 high, which prompted further buying.
As a result, the pair not only tested the last high near $52, but was able to break it. There was no proper close above the $52-53 level, meaning the price might once again correct a bit lower.
Should a correction wave occur, the price may find support near the same trend line now positioned at $45. The 2-hour chart of ETH/USD also paints a similar picture.
There is a nice bullish trend line at $50, which is holding the current trend. On the upside, there is a resistance near $53-54.
If there is a close above the stated resistance, there is a chance of further gains above $55. On the downside, a break and close below $50 could ignite a corrective wave towards $45.