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ETH/USD Weekly Forecast – Uptrend Initiated

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether buyers managed to put the price back in the bullish zone versus the US Dollar and Bitcoin, and initiated an uptrend.

Key Highlights

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.

Ether Price Analysis Weekly Chart

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.

ETH/USD Weekly Forecast

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.

Weekly Resistance Levels

$12.70 and $13.00

Weekly Support Levels

$12.20 and $12.10

12-hours RSI

The RSI technical indicator is also gaining pace above the 50 level.

12-hours MACD

The MACD is has now moved from the bearish to bullish zone, calling for more gains.

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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