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





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. 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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