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

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether maintained its bullish bias versus the US Dollar and Bitcoin. Going forward, a few swings are possible in ETH/USD before it attempts to settle above $100.00.

Key Highlights

The ETH/USD pair, after a remarkable run above the $100.00 level, started a short-term correction.
There are many important support levels on the downside, highlighted by $92.00, $90.00 and $88.00.
The ETH/BTC pair also initiated a corrective wave after trading close to the 0.0625BTC level.

Technically, the 12-hour chart indicators remain super bullish despite overbought levels.

Ether Price Slightly Down, but Not Out

It was a great past week for Ether buyers, as the price overcame all hurdles and reached new highs against both the US Dollar and Bitcoin.

Ether Price Weekly Analysis Chart

The ETH/USD pair spiked up to $103.67, its highest thus far, but was unable to successfully close above at $100.00, a critical resistance needed to be overcome to confirm an extension of its latest bullish rally. In short, a daily close above $100.00 is needed for another sustained rally in the near term.

After trading at $103.67, Ether price started a correction, and dipped towards $90.00. There were a couple of attempts by sellers to take the price further lower, but they failed.

There is a key bullish trend line formed on the 2-hour chart, which prevented declines below $91-92. As a result, the pair spiked higher and broke a major bearish trend line on the same chart at $92.5.

ETH/USD also managed to clear the 38.2% Fibonacci retracement level of the last decline from the $103.67 high to $91.00 swing low, currently attempting a close above the 50% Fibonacci retracement level of the same wave.

If Ether buyers succeed, there is a high possibility of ETH/USD retesting the $100.00 level. On the downside, the next bullsih trend line below $90.00 looms at $88.00, and may also act as a support if the pair moves down in the near future.

Ethereum ETH USD Forecast

When we look at the 12-hour chart, there are clear support levels at $90.00 and $82.00. The most important one is just above $82.00 in the form of a bullish trend line.

The current candle looks bullish, suggesting an upside move towards $98.00-100.00. Overall, some minor dips in ETH/USD may materialize but the pair remains in a larger bullish trend, with chances of further gains above $105.00.

Important Resistance Levels

$100.00 and $103.70

Important Support Levels

$92.00 and $82.00

12-hour RSI

The RSI is consolidating in the overbought levels.

12-hour MACD

The MACD is well placed in the bullish slope.

Aayush Jindal

Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession, loves blogging and observing financial markets

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