ETHERLive
ETHERLive delivers real-time price and volume data across 16+ exchanges to users in a clear and easy-to-understand package. Users can get up-to-the-second updates for each exchange/currency pair, as well as aggregated market averages for each exchange, currency, and the market as a whole. It also provides a global converted average of all the currency pairs monitored by ETHNews, converted to USD.

---

24hr ---
--%
Wednesday Aug 22nd 2018
RESOURCES

The Basics

Learn the basics of Ethereum and various cryptocurrency technologies

Learn More

What is Ethereum?

Understand the underlying principles of the Ethereum Platform

Learn More

The Blockchain

Discover the revolutionizing technology known as the blockchain

Learn More
SUBMIT

Press Release

Submit a press release for consideration on ETHNews

Submit Press

Story / Dapp

Submit a story or DAPP to be considered for publication on ETHNews.

Submit Story

Explanation

Submit "Ethereum Explainer" content for consideration to be featured on ETHNews

Submit Topic
ETHNews Logo
---
--%
Home
News
Etherlive
Ether Price Analysis
Resources
Contact Us

ETH/USD Weekly Forecast: Ethereum Price Remains Vulnerable

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether fell sharply before finding bids near $200.00 against the US Dollar. Going forward, ETH/USD has to settle above $295.00 to move back in the bullish zone.

Key Highlights

Ether’s price recovery from $200.91 against the US Dollar is facing many challenges on the upside.
There is a monster resistance zone near $275.00-295.00 on the daily chart of ETH/USD.
ETH/BTC continues to face heavy offers near the 0.070BTC resistance.

Technically, the daily chart indicators are stable, but well below their midlines in the bearish territory.

Ether Price Facing a Major Challenge

There were more than seven back-to-back bearish candles formed on the daily ETH/USD chart before the pair found support near $200.00. A new two-month low was formed at $200.91.

Ether Price Weekly Analysis Chart

During the downside move, there was a break of a major support area at $275.00. The stated $275.00 level is now a key resistance for the current recovery.

To the upside, there is a resistance zone forming near $275.00-295.00 (pivot levels) as well as a bearish trendline on the same chart. Should there be a daily close above $295.00, the price would move back in the bullish zone.

That said, it won’t be easy for Ether buyers to push the price above the mentioned $295.00 level since it is the 50 percent Fibonacci retracement level of the decline from the $395.41 high to $200.91 low.

On the downside, a crucial support zone near $190.00-175.00 (both monthly pivot levels) is waiting to hold losses if ETH/USD turns lower once again.

Moving on to the 2-hour chart, the pair recently found resistance near the 61.8 percent Fibonacci retracement level of the decline from the $316.17 high to $200.91 low at $272.00.

Ethereum Price ETH/USD Weekly Forecast

The price is slowly grinding lower and already moved below the 23.6 percent Fibonacci retracement level of the recent wave from the $200.91 low to $272.41 high. If the current bias remains intact, the price could drop back towards the $220.00-223.00 support.

An intermediate support is near the 50 percent Fibonacci retracement level of the recent wave from the $200.91 low to $272.41 high at $236.00.

Overall, steady gains above $275.00 should see ETH/USD accelerating north, with Ether sellers finding an unfavorable market. The $280.00 area comes next, en route to the $295.00 price zone, where the pair had multiple daily highs and lows. Supports on the other hand, are present at $236.00, and $223.00, and a menacing $200.00 should conditions turn bearish.

Weekly Resistance Levels

$275.00 and $295.00

Weekly Support Levels

$236.00 and $200.00

Daily RSI

The RSI recovered well, but remains below the 50 level.

Daily MACD

The MACD remains in the bearish 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.

ETHNews is commited to its Editorial Policy

Like what you read? Follow us on Twitter @ETHNews_ to receive the latest Ether Price, Ether Price Analysis and Ethereum Analysis News.

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.