Ethereum Price Weekly Analysis – ETH/USD Trades Positive




Ethereum price is trending higher against the US Dollar, and it looks like the ETH/USD pair may challenge the $53.50 resistance soon.
Ethereum Price Weekly Analysis ETH

Key Highlights

  • ETH price was mostly bullish against the US Dollar, but was not able to break the $53.50 resistance.
  • There was a major bearish trend line with resistance at $43.70 on the 4-hours chart of ETH/USD pair (data feed via SimpleFX), which was broken.
  • On the downside, the 100 simple moving average (H4) may act as a support at $46.05.

Ethereum price is trending higher against the US Dollar, and it looks like the ETH/USD pair may challenge the $53.50 resistance soon.

Ethereum Price Upside Hurdle

This past week, there were a couple of swing moves in ETH price towards $50 against the US Dollar. The price dipped and then recovered above the $46.00 level. The upside move was decent, as the price was above to close above the 100 simple moving average (H4) at $46.05. Also, there was a close above the 23.6% Fib retracement level of the last decline from the $53.40 high to $40.70 low.

Later, the price climbed above a major bearish trend line with resistance at $43.70 on the 4-hours chart of ETH/USD pair. This was a positive sign and lifted the price above the $46.00 level. To add to the bullish traction, the price climbed above the 50% Fib retracement level of the last decline from the $53.40 high to $40.70 low. And, it recently traded as high as $50.99 where it found sellers and moved down.

Ethereum Price Weekly Analysis ETH

Since, the price is above the 61.8% Fib retracement level of the last decline from the $53.40 high to $40.70 low, it remains bullish. There is a chance that the price may extend the recent upside soon. Before upside, the price may retest the 100 simple moving average (H4) at $46.05, and then move higher.

4-hours MACD – The MACD is currently in the bullish zone.

4-hours RSI – The RSI remains well above the 50 level.

Major Support Level – $46.00

Major Resistance Level – $50.99

 

Charts courtesy – SimpleFX

Disclaimer: The information contained herein is not guaranteed, does not purport to be comprehensive and is strictly for information purposes only. It should not be regarded as investment/trading advice. All the information is believed to come from reliable sources. NewsBTC does not warrant the accuracy, correctness, or completeness of information in its analysis and therefore will not be liable for any loss incurred.

Published by

Aayush Jindal

Aayush has spent over a DECADE 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, commodities, Bitcoin and Ethereum markets. He is a software engineer by profession, loves blogging and observing financial markets.

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