Ethereum Price Weekly Analysis – ETH Poised For Correction

Aayush Jindal

1 year ago

2 mins read

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Key Highlights

Ethereum price traded close to the $12.70 level this past week against the US Dollar, but found sellers.
There is a monster bearish trend line formed on the daily chart of the ETH/USD pair (data feed via SimpleFX), which acted as a barrier for an upside move.
The price is also below the 100-day simple moving average, which is not a good sign for the ETH bulls.

Ethereum price is struggling to break a major hurdle on the daily chart versus the US Dollar, which poses a threat of a short-term downside move.

Ethereum Price Correction

Ethereum price ETH managed to spike towards the $12.70 level during the start of this past week against the US Dollar. There were offers presented around the stated level, and the price moved down. Another reason was a monster bearish trend line formed on the daily chart of the ETH/USD pair (data feed via SimpleFX). It acted as a perfect resistance for ETH and stopped upside move.

The last but not the least, the 100-day simple moving average was also around the same bearish trend line. So, we can say the recent failure around the $12.70 level was crucial and may ignite a short-term correction. The ETH/USD pair already tested the 23.6% Fib retracement level of the last leg from the $7.09 low to $12.76 high. So, there is a chance of a move towards the 38.2% Fib retracement level of the last leg from the $7.09 low to $12.76 high.

In my opinion, the pair may correct lower in the short term, but remains supported on the downside. The only thing the bulls need is a close above the highlighted trend line resistance on the daily chart.

Daily MACD – The MACD has moved into the bullish zone, which is a positive sign.

Daily RSI – The RSI is just around the 50 level, but may slide down in the short term.

Major Support Level – $11.00

Major Resistance Level – $12.60

Charts courtesy – SimpleFX

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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