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ETH/USD Weekly Forecast: Buyers In Control

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether made good ground versus the US Dollar to set a bullish path. ETH/USD is currently positioned well to gain momentum above $235.00.

Key Highlights

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.

Ethereum ETH/USD Weekly Forecast

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.

Ether Price Analysis Weekly Chart

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.

Weekly Resistance Levels

$236.00 and $275.00

Weekly Support Levels

$210.00 and $200.00

Daily RSI

The RSI is just below 50 level.

Daily MACD

The MACD is recovering well and slowly moving into 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. 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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