ETH/USD Weekly Forecast: Buyers In Control
|Ether had a good week as it corrected with a bullish bias from the $133.79 low against the US Dollar.|
|There was a convincing upside break above a bearish trend line at $200.00 on the daily chart of ETH/USD.|
|ETH/BTC was mostly neutral due to heavy gains in Bitcoin price versus all major cryptocurrencies.|
Technically, the daily chart indicators are recovering with a positive bias from the oversold readings.
Ether Price Break Looming?
The ETH/USD pair has been in a steady uptrend identified from the $133.79 rejection level as well as an upward directional pattern on the 2-hour and 4-hour timeframes.
On the other hand, the ETH/BTC pair was neutral to bearish, struggling to hold the 0.080BTC support area due to positive sentiment in BTC.
Ether managed to place itself above a crucial support of $200.00. The daily chart of ETH/USD clearly shows a convincing upside break above a bearish trend line at $200.00.
Following the break, the pair started consolidating in a range pattern with resistance near $230.00-235.00. The recent upside move and price action suggest a bullish bias. On the downside, there are two long-term supports forming - $200.00 and $140.00.
Dropping down to the hourly chart, the pair recently traded as high as $236.64 and started moving in a range pattern. A breakout of the upper range resistance at $236.00 on the hourly chart can trigger a rise of Ether’s price towards $250.00 and possible breakout of this level to reach further towards $275.00.
An initial support is a bullish trend line at $225.00 on the hourly chart. A downward extension seems unlikely amid Bitcoin’s and Ether’s strength, yet below $220.00, the scale will lean towards the downside, with $210.00 and $200.00 as the next intraday supports.
The overall short-to-medium term bias seems to be bullish for Ether, and any setback towards $210.00-200.00 can be considered only a corrective move.