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Ethereum Price Weekly Analysis: ETH/USD Grinding Toward $314

Avatar Aayush Jindal 2 years ago

Key Highlights

  • ETH price is moving nicely above the $290 level and it could gain further towards $314 against the US Dollar.
  • There is a crucial bullish trend line formed with support at $290 on the 4-hours chart of ETH/USD (data feed via Kraken).
  • The pair remains supported and it seems like it could continue towards $304 and $314 in the near term.

Ethereum price is slowly moving higher versus the US Dollar and Bitcoin. ETH/USD remains buy on dips towards the $290 and $282 levels.

Ethereum Price Trend

There was a decent support base formed near the $270 zone in ETH price against the US Dollar. The ETH/USD pair started an upward move and traded above the $280 and $290 resistance levels. The upside was cleared after the price broke the 61.8% fib retracement level of the last decline from the $297 high to $270 low. The price gained traction and settled above the $290 level plus the 100 simple moving average (4-hours).

It is currently consolidating near the $300 level. On the downside, there is a crucial bullish trend line formed with support at $290 on the 4-hours chart of ETH/USD. Above the trend line support, the 100 SMA is positioned near the $292 level. Therefore, dips in ETH remains supported near the $292 and $290 levels. On the upside, the price may soon test the 1.236 Fib extension level of the last decline from the $297 high to $270 low at $304.08 level. Above this, the next target for buyers could be the $314 level, which is the 1.618 Fib extension level of the last decline.

Ethereum Price Weekly Analysis BTC USD

The above chart indicates that ETH price is placed nicely in a positive zone above $290. Once it settles above $300, there could be more gains towards the $304 and $314 levels in the near term.

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

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

Major Support Level – $290

Major Resistance Level – $314

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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