ETH/USD Weekly Forecast Signaling Bullish Continuation
|Ether price tested $13.25 against the US Dollar on a couple of occasions, but failed to break it.|
|The ETH/USD pair is currently moving down, but remains supported on the downside.|
|There is a monster bullish trend line formed on the 12-hours chart, which is a crucial support.|
Technically, the indicators are mostly neutral in the short term, but bullish on higher timeframe charts.
Ether Price Recent Struggle
There were mostly ranging moves this past week in both ETH/USD and ETH/BTC pairs. However, the trend was on the positive side, as the Ether buyers protected every major dip. Recently, the ETH/USD pair traded near $13.25, but failed to break it.
The hourly chart clearly highlights that this was not the first time, the stated level acted as a resistance. There were more than 3 attempts to break it, but sellers prevented further gains. The pair is currently moving down, but approaching a bullish trend line on the same chart.
It looks like the $13.10 support holds the key in the short term. If the Ether bulls manage to protect the highlighted trend line support, a test of $13.00 might be avoided. If they fail, then a full test of the last swing low ($12.92) is possible in the near term.
When we look at the 12-hours chart of ETH/USD, it looks like there is a monster support waiting on the downside. A crucial bullish trend line is positioned to act as a support.
Ether price after creating a top near $14.30 started a downside move, but the $13.00 support area managed to hold the downside. Since then, the price is trading in a range of $13.30-$13.00. The highlighted trend line support holds the key, as it just above the 38.2% Fib retracement level of the last wave from the $9.89 low to $14.31 high.
In my view, Ether price remains supported on the downside. Any major setbacks can be considered as buying opportunity.