Analysis Technical

Ethereum Price Weekly Analysis – ETH/USD To Surge Higher?

Aayush Jindal | April 15, 2018 | 5:00 am
Ethereum Price Technical Analysis ETH USD
Analysis

Ethereum Price Weekly Analysis – ETH/USD To Surge Higher?

Aayush Jindal | April 15, 2018 | 5:00 am

Key Highlights

  • ETH price surged higher and moved above the $480 resistance zone against the US Dollar.
  • There is a new key bullish trend line forming with support at $460 on the 4-hours chart of ETH/USD (data feed via Kraken).
  • The pair remains in a nice uptrend and it may continue to trade higher towards the $575 level.

Ethereum price is gaining upside momentum versus the US Dollar and Bitcoin. ETH/USD is placed nicely above $480-485 and is eyeing more upsides.

Ethereum Price Support

There was an important reversal signal formed from the $388 pivot in ETH price against the US Dollar. The price started an upside move and broke a few key barriers such as $450 and $480. It even moved above the $500 level and traded as high as $530.62. It is now trading well above the $480 pivot level and the 100 simple moving average (4-hours), which is a positive sign.

Recently, the price corrected lower and traded below the 23.6% Fib retracement level of the last wave from the $418.50 low to $530.62 high. However, the downside move was limited by the $480-485 support zone. Moreover, the 38.2% Fib retracement level of the last wave from the $418.50 low to $530.62 high also acted as a support. On the downside, there is also a new key bullish trend line forming with support at $460 on the 4-hours chart of ETH/USD. Therefore, the pair is well supported above the $460 level and the 100 simple moving average (4-hours).

Ethereum Price Weekly Analysis ETH USD

The above chart suggests that as long as the price is above $460, it remains in an uptrend. On the upside, the price must break the recent high at $530 to start a fresh upside wave. The next hurdles on the upside above $530 is close to the $575 level.

4-hours MACD – The MACD is currently showing positive signs.

4-hours RSI – The RSI is currently well above the 60 level.

Major Support Level – $460

Major Resistance Level – $530

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.

Casinos

Choose from the best UK casinos
and enjoy the fun!

Read More  ›

We use cookies to give you the best online experience. By agreeing you accept the use of cookies in accordance with our cookie policy.