Analysis Technical

Ethereum Price Weekly Analysis: ETH/USD Uptrend Is Intact

Aayush Jindal | September 23, 2018 | 4:28 am
technical analysis ethereum
Analysis

Ethereum Price Weekly Analysis: ETH/USD Uptrend Is Intact

Aayush Jindal | September 23, 2018 | 4:28 am

Key Highlights

  • ETH price is trading with a positive bias above the $220 level against the US Dollar.
  • There is a major bullish trend line formed with support at $224 on the 4-hours chart of ETH/USD (data feed via Kraken).
  • The pair is currently struggling to break the $252 resistance and is correcting lower.

Ethereum price is trading with positive moves versus the US Dollar and Bitcoin. ETH/USD could decline a few points, but it remains supported above $220.

Ethereum Price Analysis

This past week, there was a slow and steady rise from the $190 swing low in ETH price against the US Dollar. The ETH/USD pair traded higher and broke the $200, $210 and $240 resistance levels. There was also a close above the $220 level and the 100 simple moving average (4-hours). The price traded as high as $255 and it is currently correcting lower towards the $220 level.

It has breached the 23.6% Fib retracement level of the last leg from the $197 low to $255 high. However, there is a strong support near the $226 level and the 100 hourly SMA. More importantly, there is a major bullish trend line formed with support at $224 on the 4-hours chart of ETH/USD. Additionally, the 50% Fib retracement level of the last leg from the $197 low to $255 high is near $226. Therefore, if the price dips from the current levels, it could find support near the $226 and $224 levels. Below these, the price may perhaps decline back towards the $200-203 support area.

Ethereum Price Analysis ETH Chart

The above chart indicates that ETH price is placed nicely above $220. However, there is also a strong resistance zone near the $270 level. Buyers need to clear the $255 and $270 levels to set the pace for more gains towards the $300 level in the near term.

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

4-hours RSI – The RSI is currently well below the 50 level.

Major Support Level – $224

Major Resistance Level – $270

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!

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