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ETH/USD Weekly Forecast: Ether Primed For Lift-Off

By

Aayush

Jindal

Guest AnalystETHNews.com

Ethers’ downside seems to be limited against the US Dollar and Bitcoin, suggesting a bullish bias for ETH/USD in the near term.

Key Highlights

The ETH/USD pair is in a clear uptrend, but facing a major resistance near $51.00 and $53.00.
A key bullish trend line with support at $45 .00 formed on the 12-hour chart.
Ether also traded with a positive bias against Bitcoin, but struggled to remain stable above 0.040BTC.

Technically, the 12-hour chart indicators are steadily moving in the bullish territory.

Ether Price Facing Crucial Resistance

There were mostly range moves in Ether price against the US Dollar and Bitcoin. Dips in both ETH/USD and ETH/BTC remained supported with an overall bullish bias.

Ethereum ETH USD Forecast

Let’s start with the 12-hour chart of ETH/USD. There are two important points to note. First, the pair is facing a crucial barrier near the $51.00 and $53.00 resistance levels. Second, there is an important bullish trend line with support at $45.00.

The pair attempted an upside move above the $51.00 resistance on a couple of occasions this past week, but failed and moved down. However, losses were limited, as the $48.00 and $47.00 support prevented a downside break.

It looks a contracting triangle pattern is forming on the 12-hour chart with ascending bullish trend line and horizontal resistance.

Moving down to the 2-hour chart, the pair is currently attempting an upside break above a bearish trend line at $48.50. ETH/USD recently dropped to the $48.00 range support, found bids and started recovering.

It looks like Ether price may soon trade towards the $49.00 horizontal resistance, which is an initial hurdle for buyers. If there is a break above $49.00, the price could test the $51.00 resistance in the near term.

Ether Price Weekly Analysis Chart

A close above $49.00 is a must, since it also represents the 38.2% Fibonacci retracement level of the last decline from $51.02 to $48.05. On the other hand, if there is a break below $48.00, the next support could be at $47.00

In my view, we may still see a few ranging moves between $47.00-51.00 before Ether buyers make an attempt to take the price towards $53.00-54.00.

Weekly Resistance Levels

$49.00 and $51.00

Weekly Support Levels

$48.00 and $47.00

12-hour RSI

The RSI is stable above the 50 level, but remains flat.

12-hour MACD

The MACD is steadily moving into 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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