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Ether Price Weekly Analysis – Love For ETH Will Keep Rising

By

Aayush

Jindal

Guest AnalystETHNews.com

The Ether surpassed all odds and gained traction this past week against the US Dollar. Looking at the charts, there are chances of more upsides in ETH/USD.

Key Highlights

Ether price registered healthy gains against the US Dollar, as there was an improvement in the market sentiment for Ethereum.
The ETH/USD pair aligned itself in a perfect uptrend, and traded close to the $15.00 level.
There is a monster ascending channel pattern formed on the daily chart of ETH/USD, acting as an uptrend catalyst.

Technically, and according to the daily chart, the risk is towards the upside, as the 20 moving average maintains a strong bullish slope.

Buying Favored In ETH/USD

This past week, I kept mentioning that the Ether may regain strength and trade higher against the US Dollar. Ether price did climb higher, and traded close to the $15.00 handle where sellers appeared. The bears were outpaced during the past couple of days and were seen on the back foot.

Ether Price Weekly Analysis Chart

After trading as high as $14.92, the price started to correct lower. Looking at the 2-hours chart of the ETH/USD pair, it looks like the pair is stuck between a major support and resistance. On the upside, the $15.00 handle represents a crucial barrier for further gains. On the downside, the $14.00 level is providing support, which also coincides with the 23.6% Fib retracement level of the last wave from the $10.42 low to $14.92 high.

A break below the stated support level may push the price towards a bullish trend line formed on the same chart. The most important point is that the same trend line is positioned with the 38.2% Fib retracement level of the last wave from the $10.42 low to $14.92 high.

Ether Price Weekly Analysis Chart D1

So, in my view, if the ETH/USD pair continues to correct lower, then the highlighted trend line and support area may play a major role in the near term. The ETH bulls could take a stand and ignite another upside move.

Looking at a higher time frame chart like daily, the price is clearly in an uptrend for two reasons. First, an ascending channel pattern on the daily chart of ETH/USD. Second, the 20 simple moving average, which is strongly placed with a bullish slope.

Overall, my view remains bullish as long as the price is above $13.00.

Important Resistance Levels

$14.80 and $15.00

Important Support Levels

$14.00 and $13.00

4-Hours RSI

The RSI technical indicator is above the 50 level, which is positive sign for the ETH bulls in the medium term.

4-Hours MACD

The MACD is moving from bullish to bearish zone, suggesting an extension of current correction.

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.