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Ethereum Price Weekly Forecast: Ether Cautiously Bullish

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether’s price is showing bullish signs against the US dollar and bitcoin. ETH/USD’s daily chart indicates fresh hurdles near $640.00 and $700.00.

Key Highlights

Ether’s price gained more than 20 percent this past week and topped out above $630 against the US dollar.
There was a break above a crucial bearish trendline with resistance at $510.00 on the daily chart of ETH/USD.
ETH/BTC also surged higher and is currently heading toward the 0.0700BTC level.

Technically, the daily chart indicators moved in the bullish territory.

ETH/USD to Continue Higher

This past week, there were sharp gains in ETH/USD as the pair gained more than 20 percent from the $499.29 swing low. It surpassed the $600.00 level before trading to a new monthly high at $630.20.

Similarly, ETH/BTC started an upward move and broke the 0.0650BTC and 0.0680BTC resistance levels. The current formation indicates more gains in the near term toward the 0.0700BTC resistance.

Ethereum Price ETH/USD Weekly Forecast

Let’s start with the daily chart of ETH/USD to understand the current bullish trend from the $500.00 swing low. The pair formed a strong support base near $360.00 and moved higher. During the upward move, it broke a crucial bearish trendline with resistance at $510.00.

As a result, there was a sharp bullish wave toward the $600.00 level. Ether successfully broke the 38.2 percent Fibonacci retracement level of the last drop from the $981.64 high to $359.33 low. The price traded as high as $630.20 and is currently consolidating gains.

To the topside, the next major hurdle awaits at $640.00. Should Ether buyers succeed in pushing the price above the mentioned hurdle, there could be another upsurge toward the $700.00 barrier.

An intermediate resistance is around the 50 percent Fibonacci retracement level of the last drop from the $981.64 high to $359.33 low at $670.00.

Ether Price Weekly Analysis

Dropping down to the 2-hour chart of ETH/USD, there are two bullish trendline with support near $590.00. On the upside, there is a connecting bearish trendline with resistance at $610.00.

Therefore, Ether may well make the next move either above $610.00 or below $590.00. If it remains above, the price will most likely test $640.00. On the other hand, a downward break below $590.00 could initiate an extended correction toward $550.00.

Weekly Resistance Levels

$625.00 and $640.00

Weekly Support Levels

$590.00 and $550.00

Daily RSI

The RSI is heading north and is currently above 50.

Daily MACD

The MACD is back 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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The content on ETHNews.com is provided for informational purposes only and it is not intended to be, and does not, constitute financial advice or any other advice. You should not rely on any ETHNews.com content to make an investment decision. ETHNews.com is not responsible for any investment decision made by you. You are responsible for your own investment research and investment decisions.