Ethereum Price Weekly Forecast: ETH Reversal Could Unfold Above $158

Aayush Jindal

Last Updated: June 11, 2024 1:09 pm

2 mins read

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ETH price is struggling to gain pace above the $152 and $158 resistance levels against the US Dollar.
The price is currently holding the main $144 support area and breakdown zone.
There is a key contracting triangle forming with resistance near $150 on the 4-hours chart of ETH/USD (data feed via Kraken).
The pair could start a strong upward move once it surpasses $152 and $158.

Ethereum price is trading above a few important supports against the US Dollar, similar to bitcoin. ETH price needs to settle above $158 for an uptrend reversal.

Ethereum Price Weekly Analysis

At the end of the last month, Ethereum tested the $158 resistance area against the US Dollar, where it faced a lot of hurdles. A high was formed near $158 and the price started a downside correction.

It broke the $152 support and remained well below the 100 simple moving average (4-hours). Moreover, there was a break below the 23.6% Fib retracement level of the upward move from the $132 swing low to $158 high.

However, the $144 and $145 levels are acting as strong buy zones. Besides, the 50% Fib retracement level of the upward move from the $132 swing low to $158 high is acting as a support.

At the outset, there is a key contracting triangle forming with resistance near $150 on the 4-hours chart of ETH/USD. The triangle support is near the $144 area.

Therefore, a successful break below the $144 support might start another bearish wave below the $140 level. The next major support is near the $132 swing low. Any further losses could lead Ethereum price towards the $125 zone.

On the upside, there are many resistances, starting with the triangle resistance near $150. If there is an upside break above $150 and $152, the price could revisit the $158 resistance area.

To start a fresh increase and uptrend, the price must settle above the $158 resistance and the 100 simple moving average (4-hours). In the mentioned bullish case, the price is likely to rally above the $160 and $165 levels. The next major resistance is near the $172 level.

The above chart indicates that Ethereum price is trading above an important support near $144. As long as there is no bearish break below the $144 support, there are high chances of a strong rally above the $152 and $158 resistance levels.

Technical Indicators

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

4 hours RSI – The RSI for ETH/USD is currently declining and it is below the 50 level.

Major Support Level – $144

Major Resistance Level – $158

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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