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Ethereum Price Weekly Analysis ETH USD

Ethereum Price Weekly Analysis – ETH/USD Resumes Trend

Avatar Aayush Jindal 3 years ago

Key Highlights

  • ETH price week after gaining bids this past week moved higher and broke the $237 resistance against the US Dollar.
  • There was a break above a major bearish trend line at $226 on the 4-hours chart of ETH/USD (data feed via SimpleFX).
  • The pair recently traded as high as $263.22 and any dips remain supported in the near term.

Ethereum price is back in the bullish trend against the US Dollar and Bitcoin. ETH/USD is now poised for more upsides above $260.

Ethereum Price Upside Surge

It seems like a bottom is formed in ETH price around the $140 level against the US Dollar. The price has recovered a lot during the past few days and recently broke a major resistance near $237. The upside move was decent and points a lot of strength above $230. During the upside move, the price also cleared another major resistance near $222 and the 100 simple moving average (H4).

There was also a break above a major bearish trend line at $226 on the 4-hours chart of ETH/USD. This is a great sign that ETH buyers are back in action with a close above $220. So, there are chances that the pair might continue to trade higher in the near term. It recently traded as high as $263.22 and currently correcting lower. An initial support is around the 23.6% Fib retracement level of the wave from the $218.38 low to $263.22 high.

Ethereum Price Weekly Analysis ETH USD

However, the most important support is now near $237-240. It was a major resistance and now a crucial support at $237. Furthermore, the 50% Fib retracement level of the wave from the $218.38 low to $263.22 high is at $240.08. Overall, buying dips remain a good option near $237-240 in the short term.

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

4-hours RSI – The RSI is currently in the overbought zone.

Major Support Level – $237

Major Resistance Level – $260.00

 

Charts courtesy – SimpleFX

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...

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