Ethereum Price Weekly Forecast: ETH Rally Not Likely Over

Aayush Jindal

1 year ago

2 mins read

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ETH price rallied recently and broke many resistances near $172 and $185 against the US Dollar.
The price even spiked above the $188 resistance and it is currently correcting lower.
There was a break above a significant bearish trend line with resistance near $170 on the 4-hours chart of ETH/USD (data feed via Kraken).
The pair is likely to find a strong support near $175 and $172 levels in the coming sessions.

Ethereum price is trimming gains below $185 against the US Dollar, similar to bitcoin. ETH is likely to stay above $172 and it could bounce back in the near term.

Ethereum Price Weekly Analysis

In the past two days, Ethereum gained bullish momentum from the $155 support area against the US Dollar. As a result, there was a sharp rally above the $165 and $172 resistance levels to start an uptrend.

Moreover, there was a close above the $175 level and the 100 simple moving average (4-hours). During the rise, there was a break above a significant bearish trend line with resistance near $170 on the 4-hours chart of ETH/USD.

It opened the doors for more gains and the price rallied above the $188 and $195 resistances. Ethereum traded as high as $199 and recently started a downside correction.

There was a break below the $185 support, plus the price declined below the 23.6% Fib retracement level of the recent rally from the $153 swing low to $199 high. Additionally, the price traded below the $180 level and tested the 100 simple moving average (4-hours).

It seems like the 50% Fib retracement level of the recent rally from the $153 swing low to $199 high is acting as a strong support. If there is a downside break below the $175 support, the price could test the $172 support area, where the bulls are likely to take a stand.

A similar price action is visible in bitcoin near $9,000. Therefore, ETH must stay above the $175 and $172 support levels to start a fresh increase. If not, it may perhaps decline towards the $165 and $160 support levels in the near term.

The above chart indicates that Ethereum price is trading near a couple of important supports above $175 and $172. Therefore, there are high chances of a fresh increase above $180 and $185. The main resistance is near $188, above which the price might revisit the $200 handle.

Technical Indicators

4 hours MACD – The MACD for ETH/USD is slowly losing momentum in the bullish zone.

4 hours RSI – The RSI for ETH/USD is still well above the 50 level, with bullish signs.

Major Support Level – $172

Major Resistance Level – $188

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.

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