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Ethereum Weekly Forecast: ETH/USD Channel Break Near?

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether is range-bound against the US dollar while remaining bearish versus bitcoin. ETH/USD is forming a horizontal channel and is preparing for the next move.

Key Highlights

Ether mostly traded in a broad range this past week below $311.00 against the US dollar.
There is a crucial bearish trendline forming with resistance at $320.00 on the daily chart of ETH/USD.
ETH/BTC is consolidating this past week’s losses above the 0.040BTC support.

Technically, the daily chart indicators are mostly flat in the bullish territory.

Ether Price to Break Higher Soon?

This past week was mostly flat for Ether with a couple of bearish swing moves toward $290.00 and $275.00 against the US dollar. Later, ETH/USD recovered well and moved back above the $290.00 support.

Ethereum Price ETH/USD Weekly Forecast

On the other hand, it was a strong bearish week for ETH/BTC. The pair tumbled below 0.050BTC and traded to a new seven-month low below 0.040BTC before starting a short-term consolidation.

Starting with the daily chart of ETH/USD, there is a major horizontal channel forming with support at $275.00 and resistance near $311.00. There is also a connecting bearish trendline forming with current resistance at $310.00 on the same chart.

Above $310.00, there is another crucial bearish trendline forming with resistance at $320.00. Therefore, there are two important resistance levels forming for further gains - $311.00 and $320.00.

The last daily candle is showing strong bullish signs, but buyers need to gain momentum above $311.00 to break the shackles for an upside drift toward $320.00 or even $350.00.

A break above $350.00 and the 76.4 percent Fibonacci retracement level of the last major drop from the $395.41 high to $200.91 low is a must for ETH/USD to challenge the last swing high at $395.41.

On the downside, the $275.00 support holds a lot of significance, and a break below this could open the doors for further losses toward the $250.00 support region.

Ether Price Weekly Analysis Chart

Dropping down to the 2-hour chart of ETH/USD, there is strong resistance at $311.00 and support at $275.00. An intermediate support is near $290.00, which is serving as a pivot zone for Ether.

The medium-term trend is bullish for Ether, but it would need a strong push above $311.00 and $320.00 for buyers to be back in action.

Weekly Resistance Levels

$311.00 and $320.00

Weekly Support Levels

$290.00 and $275.00

Daily RSI

The RSI is just above the 50 level and remains directionless.

Daily MACD

The MACD is mostly flat with no signs of a short-term break.

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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