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Ether Price Analysis
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ETH/USD Weekly Forecast: Ether in Clear Uptrend





Ether remains in a clear uptrend against the US Dollar, and recovering versus Bitcoin. ETH/USD is poised to break $350.00 in the near term.

Key Highlights

Ether is in a solid uptrend from the July 2017 low of $133.79 against the US Dollar.
There is a monster ascending triangle forming with support at $290.00 on the daily chart of ETH/USD.
ETH/BTC started recovering from 0.075BTC and poised to test 0.080BTC (support turned resistance).

Technically, the daily chart indicators continue to move higher in the bullish territory.

Ether Price to Break $350?

There was a decent rise in ETH/USD as the pair managed to hold the $280.00 support and settled above the $305.00 barrier this past week.

Ether Price Weekly Analysis Chart

In contrast, the ETH/BTC pair declined by more than 10% towards 0.075BTC and is currently recovering towards a major pivot at 0.080BTC.

Looking at the 4-hour chart of ETH/USD, there was a rejection from $345.00. The pair declined towards $290.00 before moving back in the bullish zone. There is a slow and steady uptrend in place with resistances near $340.00 and $345.00.

On the downside, there is a bullish trendline forming with support at $328.00. Provided that the trendline support at $328.00 is intact, the chances of Ether breaking the $345.24 high are very high.

Alternatively, a break and close below $325.00 would open the doors for an extended decline towards two crucial bullish trendlines with support around $310.00.

The $310.00 support is just above the 50 percent Fibonacci retracement level of the last leg from the $271.36 low to $345.24 high. Therefore, the mentioned $310.00 support holds a lot of significance for the current uptrend.

Ethereum ETH/USD Weekly Forecast

Moving on to the daily chart of ETH/USD, there is a monster ascending triangle forming with support at $290.00. On the upside, the triangle resistance is above $350.00.

The current price action suggests further gains in ETH/USD in the medium term above $350.00. In the long-term, Ether has largely recovered from $133.79 low and the technical structure suggests a growing upside momentum.

Weekly Resistance Levels

$345.00 and $350.00

Weekly Support Levels

$325.00 and $310.00

Daily RSI

The RSI is moving north towards the 65-70 levels.

Daily MACD

The MACD is slowly gaining pace in the bullish zone.

Aayush Jindal

Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis. He strives to provide entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession and loves blogging.

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