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Ethereum Weekly Forecast: ETH/USD Breakout Looming

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether is approaching a major break against the US Dollar while slowly recovering versus bitcoin. ETH/USD has to settle above $296.00 and $300.00 to gain upside momentum.

Key Highlights

Ether is trading in a slow and contracting range with resistance at $296.00 against the US Dollar.
There is a bearish trendline forming with resistance at $330.00 on the daily chart of ETH/USD.
ETH/BTC was mostly bearish this past week, but managed to hold the 0.050BTC support.

Technically, the daily chart indicators are neutral above their midlines in the bullish territory.

Ether Price Remains Supported

The ETH/USD pair was mostly bullish this past week before it faced a strong resistance near $311.00 and later started trading in a range. On the other hand, the ETH/BTC pair declined heavily and even traded below 0.050BTC before recovering 5-6 percent.

Ethereum Price ETH/USD Weekly Forecast

​Looking at the daily chart of ETH/USD, there was a solid recovery from the $200.91 low. The pair traded above the 50 percent Fibonacci retracement level of the last crucial decline from the $395.41 high to $200.91 low.

However, the upside move was protected by the $350.00 resistance area and the 76.4 percent Fibonacci retracement level of the last crucial decline from the $395.41 high to $200.91 low. The pair started correcting lower and moved toward the $300.00 level.

Buyers failed to hold the $300.00 handle and the pair declined close to the 50 percent Fibonacci retracement level of the last upside wave from the $200.91 low to $352.69 high. Buyers appeared near $275.00 and prevented further declines.

Later, Ether started trading in a range above the $280.00 level with resistance near $310.00-311.00. To the topside, there is a bearish trendline forming with resistance at $330.00 on the same chart. On the downside, the $275.00 and $250.00 levels are decent supports for the medium term trend.

Ether Price Weekly Analysis Chart

Moving on to the 2-hour chart of ETH/USD, there is a major contracting triangle forming with resistance near $296.00 and support at $292.00. Buyers need to gather momentum above $296.00 and $300.00 to challenge $311.00 once again. Above $311.00, the gates would open for a ride toward $330.00.

On the other hand, a break of the $292.00 support could ignite short-term losses toward $280.00 and $275.00. The overall medium-term bias is bullish as long as ETH/USD is above $275.00.

Daily MACD

The MACD is flat near the midlines and showing no major bullish signs.

Daily RSI

The RSI is near the 50 level and remains directionless.

Weekly Support Levels

$292.00 and $275.00

Weekly Resistance Levels

$296.00 and $311.00

Aayush Jindal

Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis. He strives to provide entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession and loves blogging.

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