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ETH/USD Weekly Forecast: Ether’s Price Bullish Formation

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether is showing positive signs against the US Dollar and bitcoin. ETH/USD could gain bullish traction in the near term as long as it remains above $620.00.

Key Highlights

Ether’s price is holding an important support above the $650.00 level against the US Dollar.
There are two bullish trendlines forming with support at $680.00 and $620.00 on the 12-hour chart of ETH/USD.
ETH/BTC is gaining momentum above the 0.0500BTC level and is heading toward 0.0550BTC.

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

Ether’s Price to Move Higher?

There were a few swing moves this past week in ETH/USD, but the pair mostly held its bullish ground and was able to recover from a major decline toward $600.00.

ETH/BTC, after a short-term correction, moved above the 0.0500BTC resistance. It is now placed nicely in the bullish zone and could continue to see gains in the near term.

Ethereum Price ETH/USD Weekly Forecast

Starting with the 12-hour chart of ETH/USD, the pair seems to be well supported above the $600.00 handle. There are two bullish trendlines forming with support at $680.00 and $620.00.

These trendlines are crucial for the current bullish bias above $600.00. The pair must hold the second bullish trendline at $620.00 to gain bullish traction during the coming days. On the upside, there is a connecting bearish trendline with current resistance at $720.00.

A successful close above the trendline resistance at $720.00 could be propel Ether to drive toward $800.00. Once the current consolidation phase is complete, Ether may reach new all time highs against the US Dollar.

The price is currently above the 50 percent Fibonacci retracement level of the last decline from the $867.75 high to $487.63 low. Therefore, the risk is toward the upside above the 76.4 percent Fibonacci retracement level of the same wave.

Ether Price Weekly Analysis

Moving down to the 2-hour chart of ETH/USD, there is a short-term resistance trendline at $740.00. On the downside, there are two horizontal supports at $660.00 and $600.00.

Overall, Ether’s price seems to be heading toward a major breakout above $720.00. On the downside, ETH/USD remains supported above $600.00.

Weekly Resistance Levels

$720.00 and $750.00

Weekly Support Levels

$660.00 and $620.00

12-hour RSI

The RSI is currently above 50 and remains flat with consolidation signs.

12-hour MACD

The MACD is nicely moving 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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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.