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ETH/USD Weekly Forecast: Medium-term Bullish Trend Intact

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether is still in the medium-term bullish trend against the US Dollar, but struggling versus Bitcoin. ETH/USD broke short-term support at $305.00, but remains supported.

Key Highlights

Ether came under pressure during the past two sessions and moved below $305.00 support against the US Dollar.
There is a major medium-term bullish trend line support forming near $275.00 on the 12-hour chart of ETH/USD.
ETH/BTC declined heavily and settled below 0.080BTC due to a sharp rise in Bitcoin price.

Technically, the 12-hour chart indicators started correcting the overbought levels.

Ether Price Turned Short-term Bearish?

Yesterday, we discussed a major short-term support at $305.00 against the US Dollar. However, Ether’s price failed to hold the $305.00 support and even broke the $300.00 handle.

Ethereum ETH/USD Weekly Forecast

Recent losses in Ether were mainly by heavy buying of Bitcoins, increasing bearish pressure on both ETH/USD and ETH/BTC. The latter one traded lower by more than 12% towards 0.074BTC.

Market sentiment for Ether is still positive versus the US Dollar. Let’s start with the 12-hour chart of ETH/USD, pointing a couple of important support levels for the current medium-term bullish trend.

It seems like the pair is forming a short-term top at $319.06. The last 5-6 candles suggest trend exhaustion, which could result in an extended correction. Furthermore, the current H12 candle is a bearish outside candle pattern. If the price closes below $300.00, it would confirm a short-term top.

On the downside, there is a crucial bullish trend line forming with support at $275.00. Below mentioned $275.00, a key horizontal support sits at $250.00. Therefore, despite of the recent downside break, ETH/USD still remains in a medium-term bullish trend with support at $275.00 and $250.00.

Furthermore, the 50 percent Fibonacci retracement level of the last wave from the $179.24 low to $319.06 high is also at $250.00.

Ether Price Weekly Analysis Chart

Moving down to the 2-hour chart of ETH/USD, there was a break below a major bullish trend line at $305.00. The pair tested $290.00 and might test the next support at $280.00 in the near term.

An intermediate support sits at $285.00 which is the 50 percent Fibonacci retracement level of the last wave from the $251.65 low to $319.06 high.

To sum up, Bitcoin price rise may drag Ether’s price further lower towards $280.00 or $275.00, but the overall medium-term bullish trend is still intact for ETH/USD.

Weekly Resistance Levels

$319.00 and $325.00

Weekly Support Levels

$280.00 and $250.00

12-Hour RSI

The RSI is correcting the extreme overbought levels.

12-Hour MACD

The MACD has started reducing its bullish slope.

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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