Analysis Technical

Ethereum Price Weekly Analysis: ETH/USD Could Revisit $422

Aayush Jindal | July 22, 2018 | 5:18 am
technical analysis ethereum
Analysis

Ethereum Price Weekly Analysis: ETH/USD Could Revisit $422

Aayush Jindal | July 22, 2018 | 5:18 am

Key Highlights

  • ETH price struggled to hold gains above $510 and declined sharply against the US Dollar.
  • Recently, there was a break above a bearish trend line with resistance at $457 on the 4-hours chart of ETH/USD (data feed via Kraken).
  • The pair has to close above $477 and the 100 simple moving average to move back in a bullish zone.

Ethereum price is moving with bearish signs versus the US Dollar and Bitcoin. ETH/USD must clear the $470 and $477 resistances to climb higher.

Ethereum Price Resistances

This past week, there was a solid upside move above the $500 level in ETH price against the US Dollar. The ETH/USD pair traded above the $510 level, but it failed to hold gains. As a result, there was a bearish reaction and the price declined below the $500 and $485 support levels. The price even declined below the $460 support and the 100 simple moving average (4-hours).

It traded close to the $435 level and a low was formed near $439. Later, the price started an upside move and broke the $450.00 resistance. There was also a break above the 23.6% fib retracement level of the last drop from the $517 swing high to $439 low. Moreover, there was a break above a bearish trend line with resistance at $457 on the 4-hours chart of ETH/USD. However, the price struggled to move above the $465 level and the 100 SMA. Above the 100 SMA, the next resistance is near $477 and the 50% fib retracement level of the last drop from the $517 swing high to $439 low.

Ethereum Price Weekly Analysis ETH USD

The above chart indicates that the price needs to gain momentum above $475 and $477 levels to move back in a bullish zone. If it fails to break the $477 resistance, it could decline sharply back towards the $435 and $422 support levels.

4-hours MACD – The MACD is mostly flat in the bearish zone.

4-hours RSI – The RSI is currently neutral around the 50 level.

Major Support Level – $435

Major Resistance Level – $477

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.