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Ethereum Weekly Forecast: ETH/USD to Retest $400?

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether is super bullish against the US Dollar whereas it is struggling below 0.050BTC versus bitcoin. ETH/USD is showing a lot of bullish signs above $340.00.

Key Highlights

Ether gained heavy bullish momentum recently and broke a major resistance at $332.00 against the US Dollar.
ETH/USD is currently attempting a close above a crucial channel resistance at $340.00 on the 12-hour chart.
ETH/BTC found buyers near 0.042BTC and started correcting higher.

Technically, the 12-hour chart indicators are moving higher in the bullish territory.

Can Ether Price Stay above $340?

Yesterday, we discussed that the $325.00 support is important for ETH/USD and if it hold declines, the pair will most likely move higher in the near term. The stated $325.00 support did hold losses and as a result, there was a sharp upside move above $330.00.

Ether Price Analysis Chart

On the other hand, it was mostly a bearish week for ETH/BTC. The pair failed to hold the 0.050BTC support and declined toward 0.042BTC where buyers appeared. It is currently correcting higher with resistances near 0.048BTC and 0.050BTC.

Looking at the 2-hour chart of ETH/USD, there was a break above a major contracting triangle with resistance at $332.00. The pair, after consolidating for a brief period, broke the $332.00 and $335.00 resistance levels.

The upside move was solid as the pair was able to break a significant resistance at $340.00. It has opened the doors for more gains above $340.00, and may be heading toward $360.00 or even $400.00 in the medium term.

An initial support on the downside is at $340.00 followed by a broken triangle resistance at $332.00 (now support). Below $332.00, the triangular lower trend line at $328.00 is also a decent support.

Ethereum Price ETH USD Weekly Forecast

Moving up to the 12-hour chart of ETH/USD, the pair is gaining bullish momentum and is currently attempting a close above a crucial channel of resistance at $340.00.

Should there be a 12-hour close above $340.00, it would be a great positive signal for Ether buyers. The price will most likely accelerate higher and it could challenge resistances such as $360.00, $380.00 and $400.00 during the coming days.

On the downside, the $320.00 and $305.00 support levels are significant for the current bullish trend.

Weekly Resistance Levels

$360.00 and $380.00

Weekly Support Levels

$320.00 and $305.00

12-hour RSI

The RSI is moving higher toward the 65-70 levels.

12-hour MACD

The MACD is gaining pace 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

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