ETH/USD Weekly Forecast: Bullish Reversal In The Cards
|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.
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.
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.