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ETH/USD Weekly Forecast: Ether Holding Downtrend Support

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether is mostly bearish short-term against the US Dollar and Bitcoin. ETH/USD must hold a key support area at $210-200 to avoid heavy declines.

Key Highlights

The ETH/USD pair was unable to retain gains above $280 and currently trading lower.
There is an important contracting triangle (descending) pattern with support at $200-210 forming on the daily chart.
The ETH/BTC pair is just holding the 0.100BTC support and remains at a risk of more declines.

Technically, the daily chart indicators are still in the bullish territory and moving lower towards their mid-lines.

Ether Price Grinding Lower

There were a lot of swing moves this past week and Ether mostly remained in a bearish trend against the US Dollar and Bitcoin.

Ethereum ETH USD Weekly Forecast

The ETH/USD pair declined sharply towards the $200 handle and traded as low as $209. A short-term double bottom pattern was formed near $210 which ignited a rally.

The pair traded higher and there were two solid bullish candles formed on the daily chart. However, the upside move was prevented by an important contracting triangle (descending) pattern at $315-320.

The pair is again moving lower and the last three daily candles are signaling a short-term bearish bias. It seems like the pair is following a declining path and might retest $210.

The $210-200 support is crucial for the larger bullish trend. It already protected declines on two occasions and if the pair attempts a break for the third time, it might struggle.

The chances of buyers defending a break and close below $200 are very high. If they fail, Ether’s price may form a medium-term downtrend with high possibilities of it testing $120-100.

On the upside, ETH/USD needs to overcome offers near the contracting triangle resistance at $290. Once there is a proper daily close above $290-300, the price might gain bullish momentum for a move towards $400 at least.

Ether Price Technical Analysis Weekly Chart

The 2 hours chart is also pointing a similar picture. There is a descending channel with resistance at $280. The pair may continue to decline in the near term and could even break the channel support at $250.

To sum it up, the $210-200 support holds the key and must remain intact for Ether to avoid major declines.

Weekly Resistance Levels

$280.00 and $300.00

Weekly Support Levels

$240.00 and $210.00

Daily RSI

The RSI is heading lower towards the 50 level.

Daily MACD

The MACD has almost reduced its bullish slope.

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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