Ethereum Price Weekly Analysis – Can ETH/USD Break This Resistance?

Aayush Jindal

1 year ago

2 mins read

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Key Highlights

ETH price is trading above the $780 support, but with a negative bias against the US Dollar.
There is a major bearish trend line forming with resistance at $850 on the 4-hours chart of ETH/USD (data feed via SimpleFX).
The pair should break the $850 resistance and the 100 simple moving average (4-hour) for more gains.

Ethereum price is facing a tough challenge against the US Dollar and Bitcoin. ETH/USD has to gain pace above $850 to continue moving higher.

Ethereum Price Resistance

There was a slow and steady rise in ETH price this past week above $800 against the US Dollar. However, there was no upside break above the $900 resistance. Later, the price started a minor downside move towards $800 and kept forming lower low. More importantly, the price remained below the $900 pivot level and the 100 simple moving average (4-hours).

The last swing low was formed near $776 from where the price moved higher. It traded above the 23.6% Fib retracement level of the last decline from the $970 high to $776 low. However, there was no break above the $880 resistance and the 100 simple moving average (4-hour). ETH also failed near the 50% Fib retracement level of the last decline from the $970 high to $776 low. Since then, is it is slowly declining and is currently trading below $850. On the upside, there is a major bearish trend line forming with resistance at $850 on the 4-hours chart of ETH/USD.

It looks like the price may continue to move down and it could test $800. To initiate a fresh upside move, the price must break the $850 resistance and the 100 simple moving average (4-hour). Above $850, the next resistance levels are at $880 and $900.

4-hours MACD – The MACD is mostly flat with negative signs.

4-hours RSI – The RSI is moving lower towards the 30 level.

Major Support Level – $800

Major Resistance Level – $850

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.

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