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Ether Price Analysis
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ETH/USD Weekly Forecast: Is $100 Feasible?





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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