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ETH/USD Weekly Forecast: Ether Consolidating Losses

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether price may have recovered a bit against the US Dollar, but the downside risk is not over yet as long as ETH/USD is below $12.00.

Key Highlights

This past week Ether price started a recovery against the US Dollar and corrected a few points higher.
Later, the ETH/USD pair was mostly seen consolidating losses and preparing for the next move.
The 12-hours chart of ETH/USD clearly highlights a consolidation pattern, approaching a break.

Technically, the indicators on the higher timeframe charts are still bearish, suggesting a struggling phase.

Ether Price Still Bearish or Forming Base?

Ether price after trading below the $10.50 level against the US Dollar started a recovery phase. The price moved higher slowly and steadily, but there was no real momentum, as the ETH/USD pair was seen struggling to break a couple of important resistance levels.

Ether Price Weekly Analysis

The most critical one was the $11.25 resistance. In my last few analysis, I continuously pointed out the significance of the stated level, and highlighted why a break above it is crucial. Only if there is a break above $11.25, there is a chance of a real recovery.

Looking at the 2-hours chart, it is quite clear how the same resistance is protecting an upside move. On the downside, there is a bullish trend line formed, which is holding losses. Overall, it looks like the price is stuck in a range and consolidating losses.

Ethereum ETH/USD Weekly Forecast

No doubt, any major gains would be very difficult. Even a break above $11.25 won’t clear the path. Looking at the 12-hours chart, there is another crucial barrier around $12.00. As highlighted with the red line, the $11.80-12.00 area was a support earlier, and now may act as a resistance.

The ETH/USD pair at the moment trading inside a contracting triangle pattern. However, it can also be seen as a bearish pennant. It means once it completes, there is a chance of ETH moving lower once again.

On the other hand, I won’t discard a possibility of an upside move as well. There are a few positive signs on the lower timeframe charts, which may ignite a rally in ETH/USD. Overall, I think it’s best to keep a close eye on the highlighted resistances and breakout patterns, and wait for the next move.

Weekly Resistance Levels

$11.25 and $11.80

Weekly Support Levels

$10.80 and $10.50

12-hours RSI

The RSI technical indicator is well below the 50 level with flat bias.

12-hours MACD

The MACD is still in the bearish zone, but slowly contracting slope.

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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