Analysis Technical

Ethereum Price Weekly Analysis: ETH Facing Strong Resistance Near $140

Aayush Jindal | December 30, 2018 | 4:08 am
technical analysis ethereum
Analysis

Ethereum Price Weekly Analysis: ETH Facing Strong Resistance Near $140

Aayush Jindal | December 30, 2018 | 4:08 am

Key Highlights

  • ETH price started a major upward move after forming a low at $112.80 against the US Dollar.
  • There was a break above a major bearish trend line with resistance at $122 on the 4-hours chart of ETH/USD (data feed via Kraken).
  • The pair is now placed in a positive zone, but it is struggling to clear the $142 resistance area.

Ethereum price moved back higher versus the US Dollar and Bitcoin. ETH/USD must surpass the $142 resistance to continue higher in the near term.

Ethereum Price Analysis

This past week, ETH price declined below the $130 and $120 support levels against the US Dollar. The ETH/USD pair traded as low as $112.80 and later formed a solid support. It seems like the $112 area and the 100 simple moving average (4-hours) provided support. Later, the price started a strong upside move and traded above the $125 and $134 resistance levels.

There was a break above the 50% Fib retracement level of the recent decline from the $152 swing high to $112 swing low. Moreover, there was a break above a major bearish trend line with resistance at $122 on the 4-hours chart of ETH/USD. The pair also cleared the $138 resistance, but it struggled to clear the $142 resistance. Besides, the 76.4% Fib retracement level of the recent decline from the $152 swing high to $112 swing low also acted as a resistance. The price is currently trading in a range near the $130 level and it may make the next move soon.

Ethereum Price Weekly Analysis ETH Chart

The above chart indicates that ETH price could dip a few points towards the $128 or $122 level before the next upside move. A break above the $142 and $144 resistance levels may clear the path for more gains. The next resistance is at $152 followed by $155.

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

4-hours RSI – The RSI is placed just above the 50 level.

Major Support Level – $128

Major Resistance Level – $142

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 top online casinos
in UK 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.