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





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. 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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