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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30
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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30

Ethereum Price Weekly Forecast: ETH Could Rise While BTC Struggles

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
sleepwalking, technical analysis ethereum

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  • ETH price failed to climb above the $240 resistance and declined against the US Dollar.
  • The price declined below the key $220 support level, which may now act as a resistance.
  • There is a major bearish trend line forming with resistance near $214 on the 4-hours chart of ETH/USD (data feed via Kraken).
  • The pair could either climb back towards the $220 resistance or it might slide back to $200.

Ethereum price is currently attempting an upside break against the US Dollar, and recovering vs bitcoin. ETH price might rise in the near term even if BTC continues to slide.

Ethereum Price Weekly Analysis

This past week, bitcoin and Ethereum made attempts to climb above $12,000 and $240 respectively against the US Dollar. However, both failed to gain momentum and the ETH/USD pair started a major decline. The pair clearly failed to gain traction above $235 and declined below the $230 support. Moreover, there was a break below a crucial support area near the $220 level and the 100 simple moving average (4-hours).

Moreover, there was a break below a major bullish trend line with support near $224 on the 4-hours chart of ETH/USD. It opened the doors for more losses below the $210 support level. As a result, Ethereum price revisited the $200-201 support area, where the bulls took a stand. Recently, the price started an upside correction above the $205 level.

Additionally, there was a break above the 23.6% Fib retracement level of the downward move from the $239 high to $201 low. However, the price seems to be struggling near the $214 and $215 levels. More importantly, there is a major bearish trend line forming with resistance near $214 on the same chart. Therefore, an upside break above the $215 level might set the pace for more gains.

The next key resistance is near the $220 level and the 100 simple moving average (4-hours). A successful close above the $220 level could clear the path for a move towards the $240 resistance. Conversely, if the price fails to climb above $215 or $220, it could slide back towards the $200 support.

Ethereum Price Weekly Analysis ETH Chart

The above chart indicates that Ethereum price is trading near a key resistance area at $214-215. If there is an upside break, the price could climb higher steadily towards $220 or even $230. If not, there is a risk of a downside break below the key $200 support area in the near term.

Technical Indicators

4 hours MACD – The MACD for ETH/USD is about to move back into the bullish zone.

4 hours RSI – The RSI for ETH/USD is currently above the 40 level, with a minor bullish angle.

Major Support Level – $200

Major Resistance Level – $220

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Aayush Jindal
Aayush Jindal

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

Read more

From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.

In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.

Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences.

Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.

At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.

In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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