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ETH/USD Weekly Forecast: Ether Consolidating Losses





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. 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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