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ETH/USD Weekly Forecast: Bullish Reversal In The Cards

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether bounced back strongly against the US Dollar and Bitcoin, while ETH/USD is forming a bullish reversal pattern on the daily chart.

Key Highlights

Ether has likely completed a consolidation pattern near $175.00 against the US Dollar and preparing for the next ride.
There is a bullish outside candle forming on the daily chart of ETH/USD, signaling a reversal.
ETH/BTC found strong bids during the past few sessions and recovered above 0.070BTC.

Technically, the 4-hour chart indicators are moving higher above their midlines in the bullish territory.

Ether Price Reacts to $175.00 Support

The recent decline in ETH/BTC increased bearish pressures on ETH/USD. However, Ether found support near 0.065BTC against Bitcoin and recovered strongly.

Ethereum ETH/USD Weekly Forecast

As a result, the ETH/USD pair also gained traction and recovered. There was an extension of losses towards the $175.00 support which acted as a strong barrier for sellers and prevented further declines.

In the last weekly analysis, we saw a major break above a bearish trend line at $200.00 on the daily chart of ETH/USD. Later, the pair started consolidating gains and formed a flag pattern.

It seems like the flag pattern is about to complete and the pair may resume its uptrend above $200.00. The current daily candle looks a bullish outside day pattern. If today’s candle closes above yesterday’s high, there is a strong chance of Ether gaining bullish momentum during the coming days.

On the downside, the flag support near $175.00 is a significant pivot zone for Ether’s price. As long as it holds, the price remains poised for an upside move. A close above the flag resistance near $210.00 would open the doors for a bullish reversal during the upcoming week.

Ether Price Weekly Analysis Chart

Looking at the 4-hour chart of ETH/USD, the pair found support just above $175.00 and formed a bullish candle for an upside move. The last two candles are very positive, and the price is currently attempting a break above a bearish trend line at $200.00.

An H4 close above the $200.00 level would be a bullish sign. The price is already above the 23.6 percent Fibonacci retracement level of the last decline from the $256.08 high to $177.99 low.

Therefore, the price looks poised for further gains in the near term. The last few sessions were positive for Ether, suggesting a change in trend for ETH/USD.

Weekly Resistance Levels

$210.00 and $225.00

Weekly Support Levels

$190.00 and $175.00

Daily RSI

The RSI is heading higher, but still below the 50 level.

Daily MACD

The MACD has started to gain bullish momentum.

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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