ETH/USD Weekly Forecast: Ethereum Price Bullish Development
|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.
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.
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.