Altcoins Analysis

Ethereum Price Weekly Analysis – ETH/USD Remains Supported

Aayush Jindal | October 1, 2017 | 8:38 am
Ethereum Price Weekly Analysis ETH USD
Altcoins

Ethereum Price Weekly Analysis – ETH/USD Remains Supported

Aayush Jindal | October 1, 2017 | 8:38 am

Key Highlights

  • ETH price moved to and fro above the $250 level this past week against the US Dollar.
  • There is a crucial ascending channel forming with support at $282 on the 4-hours chart of ETH/USD (data feed via SimpleFX).
  • The pair might correct a few points towards $285-280, but it remains supported on the downside.

Ethereum price is slowly moving higher against the US Dollar, but declined versus Bitcoin. ETH/USD is showing positive signs, but buyers need to gain pace.

Ethereum Price Rise

There were a few swing moves in ETH price above $250 against the US Dollar. The price faced heavy offers and declined on the a few occasions from $305 and $310. However, one positive sign is the fact that the price remains in the bullish zone above $250 and the 100 simple moving average (H4). At the moment, there is a crucial ascending channel forming with support at $282 on the 4-hours chart of ETH/USD.

The channel support is also near the 100 simple moving average (H4) at $282.00. Therefore, the $282 level is very important. A break below the channel support at $282-280 and the 100 SMA might push the pair further lower. More importantly, the channel support is also near the 50% Fib retracement level of the last wave from the $250.73 low to $311.45 high.

Ethereum Price Weekly Analysis ETH USD

An intermediate support is near $288 and the 38.2% Fib retracement level of the last wave from the $250.73 low to $311.45 high. On the upside, the channel resistance is near $315.00. Before $315, the recent high at $311 might act as a resistance. Overall, buying dips towards the channel support or $288 might be considered as long as the price is above the 100 SMA (H4).

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

4-hours RSI – The RSI is holding the 50 level.

Major Support Level – $282

Major Resistance Level – $315

 

Charts courtesy – SimpleFX

Tags: , , , , , , , , ,

NewsBTC is a news service that covers bitcoin news, technical analysis & forecasts for bitcoin and other altcoins. Here at NewsBTC, we are dedicated to enlightening people all around the world about bitcoin and other cryptocurrencies. We cover news related to bitcoin exchanges, bitcoin mining and price forecasts for various virtual currencies.

Get the app

Featuring live charts, price analysis, breaking news, currency converter and more. The only bitcoin app you need!