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Ethereum Price Weekly Forecast: Can Ether Recover Loses?

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether fell sharply below various supports against the US dollar and bitcoin. ETH/USD may recover in the short term but it is likely to face many hurdles on the upside.

Key Highlights

Ether’s price declined heavily this past week and traded as low as $365.14 against the US dollar.
There are two important bearish trendlines forming with resistance near $520.00 and $620.00 on the daily chart of ETH/USD.
ETH/BTC started an upward correction after a major decline from well above 0.0600BTC.

Technically, the daily chart indicators have reached oversold conditions in the bearish territory.

ETH/USD Remains at Risk of More Losses

There was a major downward move in ETH/USD from the $590.00 swing high during the past week. The pair traded lower and broke many key supports, including $510.00, $450.00 and $400.00.

ETH/BTC also faced a lot of selling pressure and declined well below 0.0550BTC. It later found support around the 0.0500BTC level and started an upward correction. Resistances on the upside await at 0.0580BTC and 0.0600BTC.

Ethereum Price Weekly ETH/USD Forecast

Let’s look at the daily chart of ETH/USD to understand the current trend and price movement. The chart suggests a clear downtrend from the $1,000.00 pivot level. The pair declined and moved below the $750.00, $500.00 and $400.00 support levels.

It traded as low as $365.14 before forming a small green candle. The turnaround indicates that Ether’s price may correct higher in the short term. It recovered a few points recently and tested the 23.6 percent Fibonacci retracement level of the last drop from the $590.15 swing high to $365.14 low.

Above $420.00, there are two important bearish trendlines forming with resistance near $520.00 and $620.00. An intermediate resistance awaits around the 50 percent Fibonacci retracement level of the last drop from the $590.15 swing high to $365.14 low near $477.00.

Ether Price Weekly Analysis

Moving on to the 2-hour chart of ETH/USD, there is a contracting triangle pattern forming with resistance near $405.00. A successful break and close above $405.00 could open the doors for more gains in the short term.

On the flip side, an initial support sits at $380.00, followed by the $365.00 level. Should there be a break below $365.00, the price may decline toward $320.00.

The medium-term price action is still bearish, and short-term recoveries are likely to face resistance near $417.00, $477.00 and $520.00.

Weekly Resistance Levels

$417.00 and $477.00

Weekly Support Levels

$380.00 and $365.00

Daily RSI

The RSI is now well below the 40 level with very less recovery signs.

Daily MACD

The MACD is placed nicely in the bearish zone.

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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