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ETH/USD Weekly Forecast – Bearish Sentiment Leads

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether price attempt to gain this past week failed, and it now back testing a crucial support area against the US dollar. Let’s see how ETH/USD may trade going forward.

Key Highlights

Ether price nosedived this past week against the US Dollar, and Bitcoin to remain in the bearish territory.
The ETH/USD pair after trading lower found support near $12.00, and currently trading in a range.
The 12-hours chart of ETH/USD points a monster ascending channel pattern, which is currently holding the downside move.

Technically, the 2-hours chart is signaling a clear consolidation pattern for the next move.

Ether Price Testing Support

Let us start analyzing with the 12-chart of ETH/USD. This past week was somehow important for Ether price, especially against the US Dollar. We first saw how the price held the $11.60 support and climbed higher before finding sellers near $12.60.

Ethereum ETHUSD Weekly Forecast Chart

It declined once again to test the $11.80 area, and similarly created a 5-wave structure. The best part is the fact that the price is currently trading inside a monster ascending channel pattern on the 12-hours chart. The highlighted pattern clearly suggests the importance of current $12.00 support.

The ETH/USD is currently in the 4th wave, and testing the channel support area. It holds a lot of significance, and very likely to produce a bounce in the near term. If there is a move higher from the channel support, then we may soon witness a new high above $12.80 to create a higher high.

It would also mean that the pair would complete the 5th wave to prepare the ride. In my view, it is a very interesting situation, and we may either witness a rally in ETH/USD or a sharp decline if there is a break of the channel support.

Ether Price weekly analysis chart

The price is currently consolidating above the channel support area. This also means the Ether may soon gain traction for a ride higher. The last three candles are signaling the same.

When we look at the 2-hours chart of ETH/USD, there is a clear range consolidation pattern visible. The price may continue to follow the highlighted range pattern before making the next move. In my opinion, as long as the channel support area holds, the price may move higher.

Weekly Resistance Levels

$12.25 and $12.60

Weekly Support Levels

$12.00 and $11.80

12-hours RSI

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

12-hours MACD

The MACD is currently in the bearish zone but losing momentum.

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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The content on ETHNews.com is provided for informational purposes only and it is not intended to be, and does not, constitute financial advice or any other advice. You should not rely on any ETHNews.com content to make an investment decision. ETHNews.com is not responsible for any investment decision made by you. You are responsible for your own investment research and investment decisions.