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Ethereum Weekly Forecast: ETH/USD Holding Key Trend Support

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether remains above a crucial uptrend support against the US dollar while dropping sharply versus bitcoin. ETH/USD remains in a medium-term uptrend above $286.00-$275.00.

Key Highlights

Ether declined during the past six days after failing to surpass $350.00 against the US dollar.
ETH/USD is holding an important support near $290.00-$286.00, formed with two bullish trendlines on the daily chart.
ETH/BTC was under immense bearish pressure this past week and declined below 0.050BTC.

Technically, the daily chart indicators are currently near their midlines with a slight bearish bias.

Ether Price to Bounce Back

This past week has bee mostly negative for Ether especially against bitcoin. ETH/BTC declined sharply and even traded below the 0.050BTC support due to a solid rise in bitcoin price.

ETH/BTC’s decline also dragged ETH/USD from well above $350.00 to well below $300.00. However, the downside move was protected by a major support area at $288.00-$286.00.

Ethereum Price ETH/USD Weekly Forecast

Sellers attempted to break the mentioned $286.00 support on a few occasions, but failed to gain strength. Looking at the daily chart of ETH/USD, there are two bullish trendlines forming with current support at $290.00.

These trendlines prevented a downside break recently and averted declines below $286.00. The pair is currently holding the mentioned uptrend support near $290.00-$286.00 and will most likely move higher in the near term.

Below $286.00, the pair could test the 50 percent Fibonacci retracement level of the last wave from the $200.91 low to $352.70 high near $275.00.

On the upside, there is a connecting bearish trendline on the same chart with current resistance at $340.00. Earlier, the same trendline stopped buyers from taking control above $350.00, and it should continue to act as a major pivot region for Ether during the upcoming week.

Should there be a close above the trendline resistance at $340.00, the price could attempt a break above the last swing high at $350.00. Gains above this last would set the pace for a move toward the $400.00 handle.

Ether Price Weekly Analysis Chart

Dropping down to the 2-hour chart of ETH/USD, the pair recently broke a short-term bearish trendline at $299.00, but struggling to gain traction. There is another bearish trendline waiting around $308.00 to prevent an upside break.

Above $308.00, the next major barrier is near $320.00. A successful close above $320.00 would open the doors for more gains in the near term. In the medium-term, Ether remains in an uptrend above $275.00 and it will most likely attempt an upside break above $308.00 and $320.00 during the upcoming week.

Weekly Resistance Levels

$308.00 and $320.00

Weekly Support Levels

$286.00 and $275.00

Daily RSI

The RSI is currently just below the 50 level.

Daily MACD

The MACD has reduced its bullish slope and showing tiny bearish signs.

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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