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ETH/USD Weekly Forecast Signaling Bullish Continuation

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether price mostly traded in a range against the US Dollar and Bitcoin, but it broadly remains in an uptrend, considering the 12-hours chart.

Key Highlights

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.

Ether Price Analysis Chart

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.

ETH/USD Weekly Forecast Chart Ethereum

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.

Weekly Resistance Levels

$13.25 and $13.80

Weekly Support Levels

$13.00 and $12.60

12-hours RSI

The RSI technical indicator is just above the 50 level with no major momentum.

12-hours MACD

The MACD is currently flat, signaling a range pattern.

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

ETHNews is commited to its Editorial Policy

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