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ETH/USD Weekly Forecast: Is $100 Feasible?

By

Aayush

Jindal

Guest AnalystETHNews.com

What a way for Ether to close April, as both ETH/USD and ETH/BTC pairs surged to fresh 2017 high and may continue to move higher.

Key Highlights

The ETH/USD pair is about to close the week with more than 40% gains against the US Dollar.
The 12-hour chart clearly suggests a major upside break above the $50-52 resistance area.
The ETH/BTC pair also registered decent gains and moved above the 0.052BTC resistance area.

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

Ether Price rally is here to stay

This past week was excellent for Ether, as the price moved to a fresh 2017 high against the US Dollar and Bitcoin. There was a major breakout in ETH/USD, signaling start of a new uptrend.

Ethereum ETH USD Weekly Forecast

We kept monitoring a monster resistance area near $50.00-52.00, and discussed its importance on many occasions. The pair struggled to break it multiple times, but later during this past week, managed to surpass the $52.00 resistance.

This surge can be considered as a major breakout for ETH/USD. When looking at the charts, we can see the pair rocketed higher and registered weekly gains of more than 40%.

During the upside move, the price broke the $60.00 and $65.00 levels, and even traded a few points above $70.00 to establish a new all-time high at $71.61.

At the moment the price is consolidating gains, with a chance of a minor correction in the short term. Looking at the 2-hour chart of ETH/USD, it looks like the pair has formed a minor top.

It broke a connecting bullish trend line at $70.50, opening the doors for a correction. It can move towards the 23.6% Fibonacci retracement level of the last wave from the $53.00 low to $71.61 high where it is likely to find support.

Ether Price Weekly Analysis Chart

Any downturn should be limited considering the current market sentiment. Many are asking whether ETH/USD can test $100.00 or not in the near term?

It won’t be easy for Ether to register such record gains in such a short time. However, I won’t deny that the current market conditions are extremely bullish, and we may see continued gains in ETH/USD.

There is a chance of it trading close to $80.00-85.00 before correcting towards $60.00-65.00, then attempting a move towards $100.00 in late 2017.

Important Resistance Levels

$71.50 and $74.00

Important Support Levels

$68.00 and $66.00

12-hour RSI

The RSI is heading further towards the overbought levels.

12-hour MACD

The MACD is moving nicely 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.