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ETH/USD Weekly Forecast Stable With Question Marks

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether price remained resilient above $11.50 against the US dollar, but there are question marks about the next move in ETH/USD.

Key Highlights

Ether price mostly traded in a range after a steep fall against the US Dollar from the $13.50 high to $11.60.
There were continuous ranging moves with a slight bearish tone, as can be seen in the 2-hours chart of ETH/USD.
Looking at the 12-hours chart, there is a pennant pattern formed, which may ignite the next move.

Technically, the 2-hours chart indicators are stable and suggesting a short-term bullish wave.

Ether Price Struggle Continues

Yesterday, I highlighted how Ether price was under slight bearish pressure due to the Ethereum Foundation hard fork announcement to end the DoS attacks. There was a minor downside move during the past 24-hours, but the $11.80 support managed to prevent any major declines.

Ethereum Ether Price Weekly Analysis

There was a clear buying interest around the stated support, as it also represents the lower end of the range. The 2-hours chart of ETH/USD clearly shows how Ether price is stuck inside $11.80-$12.10, and failed on many occasions to trade higher.

The technical indicators on the 2-hours chart is now stable, which can be considered as the first sign of a possible recovery. However, we need more signs before there can be a break above the $12.10 resistance. It has been acting as a monster barrier for the Ether bulls, and prevented a break many times.

ETHUSD Weekly Forecast

When we look at the larger picture, then the 12-hours chart highlights a couple of important points. First, the price is currently consolidating after breaking a major bullish trend. Second, there was a sharp downside move from the $13.50 high to $11.60 low.

Third, there is a pennant pattern formed, which can break soon to provide us the next move. Generally, such patterns provide a bearish break in a downtrend. However, the technical indicators are converging, suggesting a bullish break.

On the upside, a break above the pennant resistance and the 23.6% Fibonacci retracement level of the last decline from the $13.50 high to $11.60 low is needed for a recovery.

Weekly Resistance Levels

$12.10 and $12.40

Weekly Support Levels

$11.80 and $11.60

12-hours RSI

The RSI technical indicator is below the 50 level, but started moving north.

12-hours MACD

The MACD has started to move away from the bearish zone, which is a positive sign.

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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