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ETH/USD Weekly Forecast: Bounce or Bottom?

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether likely formed a bottom against the US Dollar and Bitcoin, but ETH/USD faces a couple of key resistances on the upside around $175.00-180.00.

Key Highlights

Yesterday’s heavy selling of ETH/USD took the pair towards an important support area at $110.00-115.00.
The pair traded as low as $115.81 before forming an outside daily reversal pattern.
ETH/BTC soared by more than 12%, and currently trading above the 0.075BTC resistance.

Technically, the 6-hour chart indicators after testing their mid-lines started a pullback.

Ether Price Correction Underway

On Saturday morning, Ether’s price declined heavily against the US Dollar and Bitcoin. The downside move was sharp, as ETH/USD lost almost all its weekly gains and traded from $211.00 to $115.00.

Ethereum ETH USD Weekly Forecast

Most importantly, there was no daily close below $110.00-100.00 (as discussed in yesterday’s analysis), resulting in an outside daily reversal pattern forming.

The 6-hour chart of ETH/USD suggests that the pair held a crucial pivot zone near $120.00. There is a long tail candle forming, which generally suggests a rejection.

Furthermore, there was no candle close below the 61.8% Fibonacci retracement level of the last wave from the $82.00 low to $211.00 high. All these signs are enough to assume that the current decline has formed a bottom at $115.00, causing the price resumed its uptrend.

ETH/USD has already cleared the 50% Fibonacci retracement level of the last drop from the $211.12 high to $115.81 low. Looking at the 2-hour chart, there is a perfect bullish outside candle pattern forming at $125.00 which is another positive sign.

During the recent bounce, the pair pierced a major bearish trend line at $152.00, opening the doors for further gains. The next major hurdle for Ether buyers is near $175.00-180.00.

Ether Price Weekly Analysis Chart

The mentioned levels provided support earlier, which now may prevent gains above $180.00. If buyers succeed in breaking $180.00, a retest of $200.00 is very likely in the near term.

Another dip back towards $150.00 is still possible, filling buy orders down the line, subsequently sparking a fresh rally towards or above $180.00.

To conclude, the recent dip took out short-term traders, especially buyers, yet the overall trend still remains bullish for ETH/USD and ETH/BTC.

Weekly Resistance Levels

$175.00 and $180.00

Weekly Support Levels

$150.00 and $125.00

6-hour RSI

The RSI is heading north after testing the neutral level.

6-hour MACD

The MACD avoided a bearish crossover and diverging.

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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