Ethereum Price Weekly Analysis – $9.50 Represents Major Support

Aayush Jindal

1 year ago

2 mins read

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Key Highlights

Ethereum price broke a resistance area this past week vs the US Dollar and traded higher.
There was a contracting triangle pattern formed on the 4-hours chart (data feed via Kraken) of ETH/USD, which was broke to clear the way for more gains.
The price may correct a few points higher, and might find buyers near the $9.50 support area.

Ethereum price traded with a bullish bias this past week, and it looks like ETH may continue to trade higher in the near term.

Ethereum Price – Buy Near 100 SMA

Ethereum price ETH was in an uptrend this past week vs the US Dollar, and it broke $10.0 to trade towards $11.00 where it found sellers. The price traded as high as $11.10 before starting to correct lower. Before starting an uptrend ETH/USD broke a contracting triangle pattern formed on the 4-hours chart (data feed via Kraken). The price also settled above the 100 simple moving average, which may now act as a support area.

ETH is currently correcting lower, and testing the 23.6% Fib retracement level of the last wave from the $7.10 low to $11.10 high. However, the most important support lies on the downside. The broken triangle trend line may now provide support to the ETH bulls, as it is also positioned with the 38.2% Fib retracement level of the last wave from the $7.10 low to $11.10 high.

However, one crucial support is at the 100 SMA (H4 chart), which can act as a barrier for sellers. One may consider buying dips ETH/USD, but only as long as the price is above the 100 SMA (which can be a stop).

4H MACD – The 4-hours MACD is about to move in the bearish slope, which is a sign of a downside move.

Hourly RSI – The RSI is above the 50 level, meaning the price may move higher once again after a correction.

Intraday Support Level – $9.50

Intraday Resistance Level – $11.00

Charts courtesy of Kraken via Trading View

Image: NewsBTC

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
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