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Ethereum Weekly Forecast: ETH/USD Will Keep Rising

By

Aayush

Jindal

Guest AnalystETHNews.com

ETH/USD finally gained momentum above $313.00 and is likely to accelerate further. However, ETH/BTC is bearish and impacting the market sentiment for Ether.

Key Highlights

Ether is back in the bullish zone above $313.00 against the US Dollar and preparing for further gains.
There is a crucial bullish trendline forming with support at $302.00 on the 12-hour chart of ETH/USD.
ETH/BTC declined heavily this past week and is currently trading below the 0.060BTC support.

Technically, the 12-hour chart indicators moved higher in the bullish territory.

Ether Price Resistance Turned Support

This past week was action-packed as the ETH/USD pair finally gained momentum and was able to surpass a major resistance area near $313.00. It traded above $340.00 and formed a new monthly high at $347.65.

Ethereum Price ETH/USD Weekly Forecast

On the other hand, the ETH/BTC pair remained under heavy selling pressure, failing to hold the 0.060BTC support area. ETH/BTC’s bearish market sentiment is impacting ETH/USD’s rally in the short term.

Looking at the 12-hour chart of ETH/USD, the pair succeeded in overcoming selling pressure near a major resistance at $313.00-314.00. The last three candles on the chart are pointing to a strong rise in bullish sentiment and suggests that the recent break was convincing.

The pair traded as high as $347.65 and almost tested the 76.4 percent Fibonacci retracement level of the last major downside wave from the $395.41 high to $200.91 low at $349.50.

On the downside, the broken resistance near $313.00 would now serve as a key support if the pair corrects lower from current levels. Below $313.00, there is a crucial bullish trendline forming with support at $302.00 on the same chart.

Ether Price Weekly Analysis Chart

As long as the pair remains above the $302.00-300.00 support levels, it should continue the uptrend and poise for more gains in the near term. Moving on to the 2-hour chart of ETH/USD, there is a consolidation pattern forming with support above $330.00 and resistance at $347.00.

Below the consolidation support, the next major support is at $320.00. To the topside, a successful close above $347.00 is required for a push above $349.50 and $350.00.

Overall, the market sentiment is very bullish for ETH/USD. The upcoming Byzantium fork could have a huge impact and will most likely ignite further upsides towards $360.00 or $380.00.

Weekly Resistance Levels

$347.00 and $380.00

Weekly Support Levels

$330.00 and $313.00

12-hour RSI

The RSI is now above 50 and likely to move towards 70.

12-hour MACD

The MACD is gaining momentum in 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, 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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