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ETH/USD Weekly Forecast: Stable To Bearish

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether price traded lower this past week against the US Dollar and Bitcoin. It would be interesting to see if holidays can help in ETH/USD recovery.

Key Highlights

Ether price was under bearish pressure this past week and made a new low of $7.12 against the US dollar.
There are a couple of bearish trend lines formed on the 2-hour chart of ETH/USD acting as a resistance.
The 12-hour chart highlights a descending channel pattern, taking the price down.

Technically, the indicators on the 12-hour chart are mostly bearish, but getting stable.

Ether Price Downside Move

There were declines in ETH/USD and ETH/BTC this past week. Ether price was struggling the most against the Bitcoin, which increased the overall bearish pressure.

Ether Price Weekly Analysis Chart

The ETH/USD pair broke a major support area at $7.50, which may now act as a hurdle on the upside for a recovery. When we look at the 2-hour chart of ETH/USD, it looks like the pair is trying to recover, but facing a lot of resistances on the upside.

An initial resistance is around a bearish trend line on the chart at $7.30. However, the most important hurdle on the upside is near another bearish trend line. It is positioned with the $7.50 level.

As mentioned the stated level was a support earlier, and now may prevent an upside move in Ether price. It won’t be easy for the ETH buyers remain in action all the time.

The $7.50 resistance also coincides with the 50% Fibonacci retracement level of the last decline from the $7.97 high to $7.12 low.

Ethereum ETH/USD Forecast Chart

When we look at a higher timeframe chart like H12, there is a clear downtrend visible. A descending channel pattern is formed, which is taking the price slowly lower.

As long as the highlighted channel is intact, there is a chance of a move towards the $7.00 handle. In case sellers gain strength, the $6.80 weekly pivot area may also be tested.

Weekly Resistance Levels

$7.50 and $7.80

Weekly Support Levels

$7.10 and $7.00

12-hour RSI

The RSI technical indicator is well below the 50 level with no sign of a change in direction.

12-hour MACD

The MACD is in bearish slope with loss in momentum.

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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