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Breaking News: Celsius Founder Alex Mashinsky Receives 12-Year Prison Sentence

Ethereum Price Weekly Analysis – Can ETH Overcome BTC Pressure?

Aayush Jindal
Aayush Jindal
8 years ago
2 mins read
Ethereum Price Weekly Analysis

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Key Highlights

  • Ethereum price showed a lot of resiliency and traded higher this past week vs the US dollar.
  • There was a bearish trend line formed on the 4-hours chart (data feed via Kraken) of ETH/USD, which was breached during the upside move.
  • The price also settled above the 100 simple moving average (H4), which is a sign that ETH bulls are in control.

Ethereum price managed to stay positive despite a lot of pressure from BTC. Can the current trend in ETH/USD continue moving ahead?

Ethereum Price – Move Towards $15.00?

Ethereum price ETH remained above the all-important $12.00 support area vs the US Dollar this past week, and mostly traded with a positive tone. I have been calling for a test of $15.00 in ETH/USD, but the price failed to gain momentum. It was mostly due to BTC climbing not only against the US Dollar, but also vs ETH. So, the ETH bulls struggled to gain pace vs the USD.

However, it still managed to post gains, and there was also a break above a bearish trend line formed on the 4-hours chart (data feed via Kraken) of ETH/USD. The price is currently consolidating gains and finding bids near the 23.6% Fib retracement level of the last leg from the $10.40 low to $14.38 high. The most important support is around the 100 simple moving average (H4), which is acting as a barrier for the ETH sellers.

Ethereum Price Weekly Analysis

If you are looking to enter a buy trade, then consider placing a stop below the 100 SMA, and I would still aim for a test of the $15.00 level.

4-hours MACD – The MACD is in the bearish slope, which is a concern for the ETH bulls.

4-hours RSI – The RSI is above the 50 level, suggesting that there is enough momentum to push the price higher.

Weekly Support Level – $12.80

Weekly Resistance Level – $14.50

 

Charts courtesy of Kraken via Trading View

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Aayush Jindal
Aayush Jindal

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.

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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.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.

In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.

Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences.

Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.

At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.

In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.

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