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Ether Price Analysis
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ETH/USD Weekly Forecast: Bounce or Bottom?





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. 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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