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Ether Price Analysis
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Ethereum Weekly Forecast: ETH/USD Primed for Further Gains





Ether is in a crucial uptrend against the US Dollar and bitcoin. ETH/USD is positioned well above $400.00 and poised to test $500.00 in the near term.

Key Highlights

Ether remained in a major uptrend and traded higher by more than 25 percent this past week against the US Dollar.
There was a break above a major ascending channel with resistance at $405.00 on the 12-hour chart of ETH/USD.
ETH/BTC closed the week above 0.050BTC which is a positive sign in the short term.

Technically, the 12-hour chart indicators are retreating from the overbought levels in the bullish territory.

Ether Price Correction to be Limited

It was a great week for Ether as both ETH/USD and ETH/BTC gained bullish momentum. ETH/USD traded to a new all-time high at $483.51 and is currently positioned well in the bullish zone.

Ethereum Price ETH USD Weekly Forecast

ETH/BTC recovered well from 0.042BTC and managed to move above the 0.050BTC resistance. The pair is currently correcting lower with supports near 0.050BTC and 0.048BTC.

ETH/USD made good ground this past week and was able to move above a crucial resistance near $400.00. There was a break above a major ascending channel with resistance at $405.00 that cleared the way for further gains.

The price traded above the $460.00 resistance and formed a new all-time high at $483.51. At the moment, the pair is correcting lower toward $450.00, which serves as an initial support. Should there be a close below $450.00, Ether’s price might attempt a broader correction back toward the $425.00 support area.

Moving on to the 2-hour chart of ETH/USD, there is a descending channel forming with support near $450.00.

Ether Price Weekly Analysis Chart

Below $450.00, there is a bullish trendline with support at $444.00. A close below $444.00 would take the price toward the $425.00 horizontal support, which holds a lot of importance in the short term.

The overall short-to-medium term trend is bullish above $400.00. ETH/USD could correct in the short term, but price dips will most likely find support near $425.00. On the upside, resistances are at $480.00 and $500.00.

Weekly Resistance Levels

$480.00 and $500.00

Weekly Support Levels

$450.00 and $425.00

12-Hour RSI

The RSI is correcting the overbought levels and is currently near 70.

12-Hour MACD

The MACD is strongly placed 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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