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ETH/USD Weekly Forecast: Crucial Week for Ether

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether corrected sharply during the past few weeks against the US Dollar and Bitcoin. ETH/USD is now heading towards a major break in the medium term.

Key Highlights

The ETH/USD pair struggled after trading as high as $414.66 and corrected lower during the past three weeks.
The pair is approaching a crucial break on the daily chart with support above $200.00 and resistance near $260.00.
The ETH/BTC pair closed the week below 0.100BTC support which is a bearish sign.

Technically, the daily chart indicators are moving to and fro near their mid-lines.

Can Ether Price Break Higher?

The downward momentum for ETH/USD was reinforced by both rising 20-period and 50-period simple moving averages. The pair started a major correction phase from the $414.66 high and traded below the $300.00 handle.

Ethereum ETH/USD Weekly Forecast

Looking at the daily chart, there is a crucial breakout pattern forming with support just above $200.00 and resistance near $250.00-260.00.

On the upside, there is a major bearish trendline which is acting as a correction catalyst since the $414.66 swing high. Only a close above the trendline resistance at $260.00 would negate the current bearish bias and push the price back in the bullish zone.

On the downside, the $200.00 handle holds a lot of importance in the medium term. The $210.00-200.00 support is also the 61.8 percent Fibonacci retracement level of the last wave from the $85.00 low to $414.66 high.

As long as the pair is above $200.00, there is a high possibility of Ether price recovering and moving back into the bullish zone.

That being said, should a negative sentiment persists for a long time, the price might attempt a break and close below $200.00. It could have a strong impact on ETH/USD, and the pair may trade towards $160.00.

Ether Price Analysis Weekly Chart

When looking at the 4-hour chart, there was a break below a key support at $250.00. On the upside, there is a bearish trendlines confluence near $255.00-260.00.

The $260.00 confluence resistance matches with the trendline resistance on the daily chart, pointing its significance.

To sum up, as long as $200.00 holds the downside, look for a break above $260.00 and even to $285.00 in extension. Alternatively, a break below $200.00 would bring a decline with $180.00 and $160.00 as targets.

Weekly Resistance Levels

$250.00 and $260.00

Weekly Support Levels

$210.00 and $200.00

Daily RSI

The RSI just around the neutral (50) level.

Daily MACD

The MACD is almost flat and preparing for the next move.

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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