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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

Ethereum Price Weekly Forecast: ETH Could Rally Again

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

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  • ETH price found support near the $178 zone and is correcting higher against the US Dollar.
  • The price is currently consolidating above the $180 support area, with a few positive signs.
  • There is a major bullish trend line forming with support near $182 on the 4-hours chart of ETH/USD (data feed via Kraken).
  • The pair remains well supported on the downside near the $182, $180 and $178 levels.

Ethereum price is likely to climb above the $185 resistance against the US Dollar, while consolidating vs bitcoin. ETH price must stay above $178 to resume its upward move.

Ethereum Price Weekly Analysis

This past week, Ethereum started a downside correction below the $188 and $185 supports against the US Dollar. Moreover, ETH traded below the $182 and $180 support levels.

However, the $178 support area (the previous resistance) acted as a strong support. Besides, the price managed to stay above the $175 pivot and the 100 simple moving average (4-hours).

As a result, the price started a slow rise above the $180 resistance. There was a break above the 23.6% Fib retracement level of the downward move from the $194 swing high to $178 swing low. The price even climbed above the $184 level, but it seems like it is facing hurdles near $185-$186.

Additionally, the 50% Fib retracement level of the downward move from the $194 swing high to $178 swing low is currently acting as a resistance. Therefore, an upside break above the $185 and $186 resistance levels could set the pace for more gains.

The next key resistance is near the $190 area, above which Ethereum will most likely surge towards the $200 and $205 resistance levels. On the downside, there is a major bullish trend line forming with support near $182 on the 4-hours chart of ETH/USD.

If there is a fresh decline below the trend line, the price could find support near the $180 level and the 100 simple moving average (4-hours). The main support is near the $178 level, below which there is a risk of an extended decline in the coming days.

Ethereum Price

The above chart indicates that Ethereum price likely to break the $185 and $186 resistance levels. In the mentioned bullish case, the price is likely to continue higher towards the $190 and $200 levels. Conversely, the $180 and $178 support levels holds the key. If there is a bearish break below $178, the price may perhaps test $175 and $166.

Technical Indicators

4 hours MACD – The MACD for ETH/USD is mostly flat in the bearish zone.

4 hours RSI – The RSI for ETH/USD is currently above the 50 level, with a minor bearish angle.

Major Support Level – $178

Major Resistance Level – $186

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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

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