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Ether Price Weekly Analysis – Bullish Bets Continue To Rise

By

Aayush

Jindal

Guest AnalystETHNews.com

The ETH/USD pair regained strength after a failure to close below $10.00. Can the recent increase in bullish bets take the price further higher?

Key Highlights

Ether price gained bids against the US Dollar during the end of this past week, and managed to recover from the weekly lows.
The ETH/USD pair broke a couple of crucial resistance areas, which raised the possibilities of more upsides in the near term.
There was a rise in the bullish sentiment noted for Ether coupled with positive technical indicators.

The current price action after a corrective rally in Ether price suggests that it might range trade for a couple of sessions before making the next move.

Ether Price to Move Higher?

This past week the ETH/USD pair made many attempts to break the $9.80-60 support area, but the bears failed. As a result, there was an upside move, taking the price back above the $10.00 level. The pair broke a couple of crucial hurdles and then finally found offers near the $11.50-60 resistance area.

Ether Price Weekly Analysis Chart 7D

The recent rally in the pair stopped right around a major resistance area, as can be clearly seen in the last 7-days chart of ETH/USD. It started correcting lower, but the broken resistance area acted as a support.

The price is currently trading near the $10.70-80 support zone, which is acting as a barrier for a breakdown. It also represents the 38.2% Fib retracement level of the last leg from the recent low to $11.30 high. Looking at the chart, it looks like the pair may consolidate for some in the highlighted range before it makes the next move.

The reason I think the chance of a move higher is very high is the last 14-days chart of ETH/USD. There are a couple of important points to note. First, the pair broke two critical bearish trend lines during the upside move. Second, there is likely a double bottom pattern forming on the chart as highlighted with orange circles.

Ether Price Weekly Analysis Chart 14D

If the double bottom pattern is true, then there is a possibility that Ether price could move towards the $13.00 handle. However, in order to achieve it, the ETH bulls have to break an important barrier.

There is a major confluence area at $11.60-80, which acted as a support and resistance many times earlier. Only a daily close above it could push the price further higher may be towards $13.00.

Important Resistance Levels

$11.40 and $11.60-80

Important Support Levels

$10.60 and $10.20

4-hours RSI

The RSI is also above the 50 level, calling for an upside move.

4-hours MACD

The MACD has moved into the bullish zone, which is a positive sign for ETH/USD.

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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The content on ETHNews.com is provided for informational purposes only and it is not intended to be, and does not, constitute financial advice or any other advice. You should not rely on any ETHNews.com content to make an investment decision. ETHNews.com is not responsible for any investment decision made by you. You are responsible for your own investment research and investment decisions.