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ETH/USD Weekly Forecast: Ether’s Price Target $800

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether’s price is eyeing further upsides by reaching $750.00 against the US Dollar. ETH/USD will most likely attempt a test of $1,000.00 during the coming week.

Key Highlights

Ether is moving higher with a strong bullish bias above $700 against the US Dollar.
There is a strong medium-term support base forming near $500.00 on the 12-hour chart of ETH/USD.
ETH/BTC is currently struggling due to rise in bitcoin price above $19,000 against the US Dollar.

Technically, the 12-hour chart indicators are placed nicely in the bullish territory.

Ether’s Price Uptrend is Intact

This past week, there were a couple of swing moves in ETH/USD, but the pair was able to hold the $610.00 support level and later started a fresh upside wave.

Ethereum Price ETH/USD Weekly Forecast

On the other hand, ETH/BTC after trading above 0.0400BTC failed to retain momentum and moved down. The pair is currently trading below the 0.0400BTC level and is under pressure due to the current rise in bitcoin price versus the US Dollar.

Starting with the 12-hour chart of ETH/USD, there is a clear uptrend in place above the $600.00 level. There are a few important points to note, which affirms the current bullish bias.

First, there is a strong medium-term support base forming near $500.00. Second, the current price formation is bullish and suggesting an upside break above the $750.00 level. Lastly, there are no bearish signs on the 12-hour chart, which means buyers are in full control and the price will most likely accelerate higher.

Moving on to the 2-hour chart of ETH/USD, the pair completed a correction pattern from the $758.69 high. It is currently moving higher and it recently broke a major bearish trendline with resistance at $700.00.

Ether Price Weekly Analysis Chart

It cleared the path for further upsides and Ether’s price may push above the last high of $758.69. The next target for buyers could be around $800.00 and $820.00.

The current price action is super bullish and ETH/USD is poised to gain momentum above $750.00 and $800.00. The next ultimate target could be $1,000.00, which would be a great achievement for Ethereum supporters and the blockchain community. 

Weekly Resistance Levels

$750.00 and $800.00

Weekly Support Levels

$610.00 and $500.00

12-hour RSI

The RSI is rising higher toward the 70 level.

12-hour MACD

The MACD is placed well 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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The content on ETHNews.com is provided for informational purposes only and it is not intended to be, and does not, constitute financial advice or any other advice. You should not rely on any ETHNews.com content to make an investment decision. ETHNews.com is not responsible for any investment decision made by you. You are responsible for your own investment research and investment decisions.