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.
Disclaimer:
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.

Ether Technical Analysis

08-17-2017 ETH/USD Forecast: About to Explode?
07-31-2017 ETH/USD Forecast: Stuck Below $210
07-30-2017 ETH/USD Weekly Forecast: Bullish Reversal In The Cards
07-29-2017 ETH/USD Forecast: Risk of Further Declines
   

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