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ETH/USD Weekly Forecast: Ether In Clear Uptrend

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether’s price is positioned well for more upsides against the US Dollar and Bitcoin. Going forward, ETH/USD might attempt a move above $55.

Key Highlights

There were good gains in ETH/BTC too, as the pair popped above the 0.050BTC resistance.
An improvement in market sentiment for Ether price pushed it higher versus the US Dollar and Bitcoin.
The ETH/USD pair gained traction and managed to move above the $50 handle.
There were good gains in ETH/BTC too, as the pair eclipsed the 0.050BTC resistance.

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.

Ethereum ETH/USD Forecast

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.

Ether Price Weekly Analysis Chart

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.

Important Resistance Levels

$53.00 and $54.00

Important Support Levels

$50.00 and $48.00

12-hour RSI

The RSI technical is heading north and moving close to the 70 level.

12-hour MACD

The MACD is gaining momentum in the bullish zone.

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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