Ethereum Price Weekly Analysis

Ethereum Price Weekly Analysis – Move Finally Coming?

Avatar Aayush Jindal 4 years ago

Key Highlights

  • Ethereum price is setting up for the next move against the US dollar, as ETH/USD mostly consolidated this past week.
  • There is a bearish trend line formed on the 4-hours chart of Ethereum price (data feed via Kraken), which can act as a catalyst for the next move.
  • The price is above the 100 simple moving average (4-hours), which is a positive sign for the bulls.

Ethereum price is currently trading below a major resistance trend line. Can ETH/USD bulls break it and take the price higher.

Ethereum Price – Breakout Approaching

Ethereum price mostly traded in a range of $-10-12 this past week, as there was no major news event. However, the best thing, which may favor the bulls is the fact that the price closed the week above the 100 simple moving average (4-hours). There was a dip this past week towards $10.00, but bears failed to gain momentum and break the stated level.

On the upside, the price struggled on a couple of occasions around the $12.00 level, as there is a bearish trend line formed on the 4-hours chart of Ethereum price (data feed via Kraken) acting as a barrier. Recently, the price failed to break the 61.8% Fib retracement level of the last wave from the $15.10 high to $8.09 low. So, we can say that the price is struggling to gain bullish momentum above the stated fib level.

Ethereum Price Weekly Analysis

If the bulls succeed in taking the price above the trend line and resistance area, then a move towards the $14.00 level is possible. A stop for a buy trade can be just below the 100 simple moving average (4-hours).

4-hours MACD – The MACD is in the bearish zone, but may change the slope to bullish during this upcoming week.

4-hours RSI – The RSI is below the 50 level, which is a bearish sign.

Intraday Support Level – $10.00

Intraday Resistance Level – $11.80

 

Charts courtesy of Kraken via Trading View

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...

Tags: BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Nexo

Instant Crypto Credit Lines™ from only 5.9% APR - unlock your crypto-wealth tax-efficiently, without selling it. Earn up to 8% interest per year on your Stablecoins, USD, EUR & GBP. $100 million custodial insurance.

Ad
Show comments