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ETH/USD Weekly Forecast: $150.00 on the Cards?

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether stands at fresh all-time highs against the US Dollar and Bitcoin. If the current trend gets going, ETH/USD may even test $150.00 during the coming days.

Key Highlights

ETH/USD enjoyed an amazing ride, as the pair climbed above $100.00 to trade towards $135.00.
The 12-hour chart clearly highlights a major consolidation break, igniting a sustained upside move.
There were decent gains in ETH/BTC as well, as the pair succeeded in overcoming sellers at 0.060BTC.

Technically, the 12-hour chart indicators are gaining momentum in the bullish territory.

Ether Price Eyeing Further Upsides

Ether rose to its strongest levels this past week against both the US Dollar and Bitcoin. ETH/USD formed a new all-time high at $134.13, while ETH/BTC climbed to a market average of 0.0657BTC.

Ethereum ETH USD Forecast

Let’s start by looking at the 12-hour chart of ETH/USD, which clearly highlights the current bullish trend above $100.00.

A long consolidation pattern formed below $100.00, as the pair traded in a $20.00 range of $100.00-80.00. Later, the pair broke the highlighted consolidation box at $100.00, setting a bullish tone for further gains.

The upside move was strong, as the price was able to post more than a 20% increase, trading at a new all-time high, at $134.13. The last two candles on the chart are neutral and suggest a short-term consolidation phase or correction.

Moving down to the 2-hour chart, there is a perfect 11-candle bullish pattern, which completed near $135.00. At the moment, the pair is trading inside a triangle pattern with support at $126.00.

Ether Price Weekly Analysis Chart

The mentioned support is also near the 38.2% Fibonacci retracement level of the last wave from the $118.00 low to $134.00 high. In my view, there is a bullish pennant pattern in making.

If there is a break above the $132.00 triangle resistance, there is a chance of ETH/USD gaining momentum for another bullish ride. However, I can see a minor divergence on the RSI of H2, suggesting an extended correction.

Overall, the next break is crucial. If there is a break and close above $132.00, the price may head higher and can even trade towards $150.00. Otherwise, a close below $125.00 might pull ETH/USD back towards $118.00.

Weekly Resistance Levels

$132.00 and $134.00

Weekly Support Levels

$125.00 and $118.00

12-hour RSI

The RSI is heading higher towards 72.

12-hour MACD

The MACD is gaining pace 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, 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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