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Ethereum Weekly Forecast: ETH/USD Gains Seem Likely

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether is showing a lot of positive signs against the US Dollar and bitcoin. ETH/USD needs to settle above $325.00 to initiate a major uptrend.

Key Highlights

Ether is holding important supports like $290.00 and $276.00 against the US Dollar.
There is a crucial bearish trendline forming with resistance near $325.00 on the daily chart of ETH/USD.
ETH/BTC recovered sharply and is trading above the 0.050BTC support area.

Technically, the daily chart indicators remains stable in the bullish territory.

Ether Price Remains Bullish

There were a couple of upside swing moves in ETH/USD this past week, and a new monthly high was formed near $329.23 before the pair started a correction.

On the other hand, there was a sharp upside wave in ETH/BTC and the pair was able to move above 0.048BTC and 0.050TC resistance levels. The next major hurdle is at 0.055BTC.

Ethereum Price ETH USD Weekly Forecast

Looking at the daily chart of ETH/USD, there is a crucial bearish trendline forming with resistance near $325.00. The same trendline prevented an upside break on two occasions near $325.00 and $329.00.

On the flip side, there are a couple of strong support levels like $290.00 and $276.00. Therefore, it seems like the pair is forming a triangle pattern with support above $276.00 and resistance at $325.00.

Should there be a break above the $325.00 level, the pair could test $350.00. Above the mentioned $350.00, the doors would open for a test of $400.00. On the downside, the $290.00 level is a weekly support and $276.00 is a major monthly pivot.

The stated $276.00 level is the 50 percent Fibonacci retracement level of the last wave from the $200.91 low to $352.69 high. Therefore, a break of the $276.00 support won’t be easy and that’s why Ether’s price will most likely pierce $325.00 for an upside drift toward $350.00 and $400.00.

Ether Price Weekly Analysis Chart

Moving on to the 2-hour chart of ETH/USD, there is a key support zone forming near $304.00, as well as two connecting bullish trendlines. To the topside, there is a bearish trendline forming with resistance at $318.00.

Thus, in the short term a break above $318.00 is required. However, a daily close above $325.00 could initiate a major and long-lasting trend line Ether in the near term.

Weekly Resistance Levels

$318.00 and $325.00

Weekly Support Levels

$290.00 and $276.00

Daily RSI

The RSI is slowly moving higher toward the 50 level.

Daily MACD

The MACD is currently stable in the bullish zone.

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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