Ethereum Price Weekly Analysis – ETH/USD Recovery To Sustain

Ethereum Price Weekly Analysis ETH

Key Highlights

  • ETH price after a strong downside move towards the $10.25 level against the US Dollar recovered.
  • There is a connecting bearish trend line formed on the 4-hours chart (data feed via SimpleFX) of ETH/USD, which is currently acting as a resistance near $11.20.
  • On the downside, the $11.00 may act as a support area just above the $10.80 level.

Ethereum price recovered well from the PBOC decline against the US Dollar, and now ETH/USD is looking to extend gains in the short term.

Ethereum Price Resistance

This past week, we saw some swing moves in Ethereum price against the US Dollar, as the price moved down sharply towards $10.25. It was due to two major Bitcoin exchanging suspending withdrawals. It resulted in a lot of bearish pressure on Bitcoin and ETH price. The price nosedived below the $10.50 support and traded as low as $10.24. Later, the price found support near $10.25 and started a recovery.

A recovery wave was started, as the price moved above the 50% fib retracement level of the last decline from the $11.42 high to $10.24 low. This ignited a corrective rally above the $11.00 level, and traded with a positive tone. During the recent wave the price traded as high as $11.22, where it found resistance. There is a connecting bearish trend line formed on the 4-hours chart (data feed via SimpleFX) of ETH/USD. It is acting as a resistance near $11.20, and preventing an upside break.

Ethereum Price Weekly Analysis  ETH

There is a chance of a minor dip in ETH price before the price moves higher above $11.20. An initial support is at the 23.6% fib retracement level of the last wave from the $11.24 low to $11.22 high at $10.99.

4-hours MACD – The MACD is now back in the bullish zone, which is a positive sign.

4-hours RSI – The RSI is stable above the 50 level.

Major Support Level – $11.00

Major Resistance Level – $11.25

 

Charts courtesy – SimpleFX

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies and Financial Market Strategist with a background in IT and financial markets. He specialises in market strategies and technical analysis, and has spent over a DECADE as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin and Ethereum markets.

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