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ETH/USD Weekly Forecast: Right Time To Buy Ether?

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether’s price struggle to gain momentum against the US Dollar is worrying. However, ETH/USD still remains above a crucial support above $48.

Key Highlights

Ether failed time and again to break the $54 resistance against the US Dollar.
The 12-hour chart of ETH/USD suggests that the pair broke a monster bullish trend line with support at $50.
ETH/BTC failed to hold gains above 0.050BTC, and might continue to struggle in the near term.

Technically, the 12-hour chart indicators are well above their mid lines, but showing slight signs of a decline.

Ether Price Sentiment Still Positive

This past week Ether gave a couple of trade opportunities to the range traders. There were dips close to the $48 level, which acted as a strong support and ignited an upside push.

Ethereum ETH/USD Forecast

The price failed to break the $54 resistance zone, and remained confined in a range. On the other hand, the ETH/BTC pair weakened and traded from 0.055BTC to 0.045BTC.

Let’s start with the 12-hour chart of ETH/USD to understand the price action. It is quite clear that the $53.50-$54 area is acting as a strong barrier for buyers, as it prevented an upside move more than a couple of times.

Finally, there was a downside push, and the pair broke a monster bullish trend line with support at $50.00. However, the main question is whether the mentioned trend line break is real or not. In my view, it’s a real break, but not convincing.

The price is not able to close below $48 (Daily close), which is also the range support. Unless there is a proper close below $48, it’s hard to call the trend line break as a major downside move.

If Ether price closes below $48, it might spark more downsides in the near term. Until then, there are chances of a bounce back towards the range high near $53.50-54.

Ether Price Weekly Analysis Chart

When we drop down to the 2-hour chart of ETH/USD, the pair recently broke a bearish trend line with resistance at $49.80. On the downside, there is a connecting bullish trend line with support at $49.80-49.70.

If the price continues to stay above the highlighted trend line support, it could trade higher. However, gains might be limited as long as $54 is intact.

Weekly Resistance Levels

$53.50 and $54.00

Weekly Support Levels

$48.00 and $47.00

12-hour RSI

The RSI technical is well above the 50 level, but heading a bit lower.

12-hour MACD

The MACD is nicely placed 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, 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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