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Ethereum Weekly Forecast: ETH/USD Bullish Bias Intact

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether remains in a major uptrend against the US Dollar. ETH/USD is approaching a crucial break, while ETH/BTC has started an upside recovery.

Key Highlights

Ether is trading in a broad range above the $400.00 support against the US Dollar.
There is a very important bullish trendline forming with current support at $425.00 on the daily chart of ETH/USD.
ETH/BTC after a major decline found support at 0.0240BTC and is currently showing positive signs.

Technically, the daily chart indicators remain elevated in the bullish territory.

Ether Price to Continue Higher

It was mostly a positive week for ETH/USD despite of a couple of downside moves toward $400.00. The mentioned $400.00 level acted as a support and prevented further declines.

Ethereum Price ETH USD Weekly Forecast

On the other hand, it was a super bearish week for ETH/BTC due to heavy gains in bitcoin price versus the US Dollar. However, the pair found buyers near 0.0240BTC and is currently showing positive recovery signs.

Starting with the daily chart of ETH/USD, there is a clear bullish trend in place above $400.00. A crucial bullish trendline is forming with current support at $425.00, which recently acted as a major hurdle for sellers.

The pair is well positioned above the $425.00 level and remains poised for the next break in the near term. On the upside, there is a major resistance area around $490.00-500.00. A daily close above the $500.00 resistance could be a great bullish signal for more gains in the medium term.

On the flip side, a break below the trend line support at $425.00 will most likely put Ether buyers on the back foot. In such a scenario, the price could even break $400.00 and extend declines toward $375.00.

Ether Price Weekly Analysis Chart

Moving down to the 6-hour chart of ETH/USD, there is a broad range forming with support above $400.00 and resistances at $490.00 and $510.00. At the outset, the market sentiment is positive, which means risk is towards the upside.

Overall, the medium-term trend is bullish for Ether and a recovery of ETH/BTC could increase possibilities of further gains above $500.00 in ETH/USD.

Weekly Resistance Levels

$490.00 and $510.00

Weekly Support Levels

$425.00 and $400.00

Daily RSI

The RSI is around 60 with no major bearish signal.

Daily MACD

The MACD is nicely 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, 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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