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ETH/USD Weekly Forecast: Ether’s Downside Spike and Reversal

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether recovered nicely after a major decline against the US Dollar and bitcoin. ETH/USD is holding a major support at $500.00 which is a positive sign.

Key Highlights

There was a major downside move from well above $850.00 toward $500.00 against the US Dollar.
There is a key support at $500.00 on 12-hour chart of ETH/USD which holds a lot of importance.
ETH/BTC is showing a few positive signs and it remains supported above the 0.0450BTC level.

Technically, the 12-hour chart indicators retreated from their midlines in the bullish territory.

ETH/USD’s Upsides Remain Capped

The past week was mostly bullish as ETH/USD moved above the $700.00 and $800.00 levels. However, it failed to hold gains above the $800.00 level and started a downside move.

On the other hand, ETH/BTC started a decent recovery and is currently placed well above the 0.0450BTC and 0.0400BTC support levels. On the upside, the 0.0500BTC and 0.0580BTC levels are important resistance levels.

Ethereum Price ETH USD Forecast

A downside wave was initiated from the $867.75 swing high and ETH/USD moved down by more than $300.00. During the downside move, there was a break below the $700.00 support and a bullish trendline at $760.00 on the 12-hour chart.

The pair traded below the $600.00 handle and traded toward $500.00. However, the decline was protected by a crucial support at $500.00 and a bullish trendline on the same chart at $510.00.

A recovery wave was initiated and the pair moved above the 50 percent Fibonacci retracement level of the last decline from the $867.75 high to $487.64 low. However, Ether buyers are struggling to gain momentum above $700.00.

Therefore, it remains at a risk of more declines back toward $620.00 in the near term. Should there be a close above the 61.8 percent Fibonacci retracement level of the last decline from the $867.75 high to $487.64 low, the price could move back in the bullish zone.

Ether Price Weekly Analysis Chart

In the short term, there can be more downsides toward $600.00 and $620.00. However, Ether’s price is still in the bullish zone, but it has to move above $700.00 and $720.00 to regain traction. On the downside, the $500.00 level is a key support in the medium term. 

Weekly Resistance Levels

$700.00 and $720.00

Weekly Support Levels

$540.00 and $500.00

12-hour RSI

The RSI is above the 50 level, but it is struggling to remain in the bullish territory.

12-hour MACD

The MACD is showing a few bearish signs 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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