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Ether Price Analysis
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ETH/USD Weekly Forecast: Stable To Bearish





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. 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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