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Ether Price Analysis
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ETH/USD Weekly Forecast: Ethereum Price Bullish Development





Ether climbed higher after forming a base against the US Dollar and bitcoin. A daily close above $285.00 would be super bullish for ETH/USD.

Key Highlights

Ether gained bullish momentum from the $252.00 swing low against the US Dollar and moved above $275.00.
ETH/USD is attempting a daily close above a major bearish trendline with resistance at $285.00.
ETH/BTC surged higher and broke the 0.075BTC resistance area.

Technically, the daily chart indicators are moving higher and closing in towards the neutral levels.

Ether Price is Back in Bullish Zone?

Yesterday, we discussed a close above $280.00 on the 4-hour chart of ETH/USD as the most bullish development. The pair did gain bids during the past two sessions and is currently attempting a close above $280.00-285.00.

Ethereum Price ETH/USD Weekly Forecast

Above all, there are many bullish signs emerging for ETH/BTC. The pair, after a brief consolidation, surged higher and broke the 0.075BTC resistance.

Overall, bullish sentiment has improved for Ether. Looking at the 4-hour chart of ETH/USD, there are back to back six bullish candles, signaling a positive sign. All we need is a 4-hour close above $285.00 for a bullish confirmation.

The pair is now well above the 61.8 percent Fibonacci retracement level of the last decline from the $316.17 high to $200.91 low. Therefore, the next stop is the last high of $316.17.

Moving on to the daily chart of ETH/USD, the pair started an upside move after forming a base near $200.00. It moved above the 38.2 percent Fibonacci retracement level of the last major drop from the $395.41 high to $200.91 low.

Ether Price Weekly Analysis Chart

At the outset, the pair is currently attempting a daily close above a major bearish trendline with resistance at $285.00. Should that close take place, Ether may attempt to break the 50 percent Fibonacci retracement level of the last major drop from the $395.41 high to $200.91 low at $298.00.

A successful close above $298.00 would be the most important signal that the decline from $395.41 is over. In the mentioned scenario, the next stop for Ether’s price could be near $320 and the 61.8 percent Fibonacci retracement level of the last major drop from the $395.41 high to $200.91 low.

To sum up, there are many positive signs emerging on the daily chart of ETH/USD which all point towards a bullish reversal on a close above $285.00 and $298.00.

Weekly Resistance Levels

$298.00 and $320.00

Weekly Support Levels

$270.00 and $260.00

Daily RSI

The RSI is moving north and attempting a close above 50.

Daily MACD

The MACD is about to move back into 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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