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ETH/USD Weekly Forecast: Risk of Upside Break Grows

By

Aayush

Jindal

Guest AnalystETHNews.com

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, 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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