ETH/USD Weekly Forecast – Uptrend Initiated
|Ether price started an upside move against the US Dollar during the past few sessions, which look convincing.|
|The ETH/USD pair settled above the $12.10-20 resistance, suggesting the Ether buyers are in control.|
|The price is currently struggling to settle above $12.60-70, which may produce a minor correction.|
Technically, the 12-hours chart is pointing towards more gains in ETH/USD.
ETH/USD New High
Ether price started an uptrend during the last two days against the US Dollar, and traded above the $12.10-20 resistance. There was a new weekly high of $12.67, as the ETH bulls remained in control. At this moment, the sellers are fighting hard to prevent a close above $12.70.
So, there is a chance of a minor downside reaction in the near term. An initial support on the downside lies around a bullish trend line formed on the 30-min chart of ETH/USD. The price is currently trading near it, and attempting a break.
A break below the trend line support is possible, which may ignite a minor downside reaction. The next support on the downside is around the 38.2% Fib retracement level of the last wave from the $11.77 low to $12.67 high.
There was a similar downside move yesterday in the form of a correction. The price completed a correction and bounced again to create a new high above yesterday’s high of $12.57.
So, if the price corrects lower from the current levels, then it can be considered as a buying opportunity. The 12-hours chart of the ETH/USD pair is also signaling positive signs. There was a monster consolidation pattern on the same chart, which was broken during the recent upside move.
The highlighted consolidation pattern is a sign that the price is now in an uptrend. The same broken resistance of the consolidation pattern may now act as a support area. We can even consider $12.10 as a major pivot area where the Ether buyers may show up if the price moves down.