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Ether Price Analysis
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ETH/USD Weekly Forecast: Risk of Upside Break Grows





Ether's rally continued with great bullish signs against the US Dollar and Bitcoin. ETH/USD is following an impressive bullish structure and eyeing a retest of $410.00.

Key Highlights

The ETH/USD pair had a good week with an important correction followed by a slow and steady rise.
The pair recently broke a key bearish trend line on the 12-hour chart at $350.00, opening the doors for further gains.
The ETH/BTC pair remains range bound and seems like it is preparing for a ride above 0.150BTC.

Technically, the 12-hour chart indicators are back in the bullish territory after a minor dip amid correction.

What’s Next for Ether Price?

It was an eventful week for Ether, as it corrected lower against the US Dollar by more than $100. The ETH/USD pair dipped from $414.00 to $261.00 to complete a correction.

Ether Price Weekly Analysis Chart

In a major rally, corrections play a significant role. They suggests that the price is following a decent bullish structure and likely to continue higher.

The recent dip in ETH/USD was much needed and resulted in increased buying interest in Ether during the past few days. After declining towards $260.00-250.00, the pair recovered, and moved above the 50% Fibonacci retracement level of the last decline from the $414.00 high to $256.00.

It means there are high chances of ETH/USD retesting the last swing high of $414.00, should buying interest remain intact, the pair may look to challenge the previous mark, setting a new all-time high.

There’s a major ascending channel pattern with support at $350.00 forming on the 2-hour chart, which can be considered as the current trend’s support.

Ethereum ETH USD Forecast

As long as the price stays in the channel, it may trade towards a crucial resistance of $395.00-400.00. On the downside, there is a weekly support base at $320.00,

Looking at the 12-hour chart of ETH/USD, it is quite clear that Ether is back in bullish territory. With a break above a key bearish trend line at $350, the pair is now approaching the uptrend resistance of $400.00.

On the downside, there are two significant bullish trend lines with support around $300.00, which can be termed as a long-term support.

To sum up, Ether is gaining bullish momentum above $350.00 and is likely to extend gains in the near term as long as it stays above the $320.00 support area.

Weekly Resistance Levels

$395.00 and $410.00

Weekly Support Levels

$350.00 and $320.00

12-hour RSI

The RSI is heading north after dipping from the overbought levels.

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. 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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