• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news today, price & technical analysis
Price & Market
Cap Data from
Nomics Logo
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Gamble +Try
  • Play GamesTry
  • BUY BITCOINTry
No Result
View All Result
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Gamble +Try
  • Play GamesTry
  • BUY BITCOINTry
No Result
View All Result
NewsBTC
No Result
View All Result
Price & Market
Cap Data from
Nomics Logo
Home Technical analysis

Ethereum (ETH) Price Weekly Forecast: More Downsides Likely

Aayush Jindal by Aayush Jindal
2 years ago
in Technical analysis
Reading Time: 2min read
technical analysis ethereum
Advertisement
Listen to Article
  • ETH price failed to gain momentum above $250 and $252 against the US Dollar.
  • The price is currently well below $250 and it remains at a risk of more losses.
  • There is a major bearish trend line forming with resistance at $248 on the 4-hours chart of ETH/USD (data feed via Kraken).
  • The pair remains at a risk of more losses and it could accelerate below the $240 level.

Ethereum price is showing signs of weakness versus the US Dollar and bitcoin. ETH is likely to accelerate lower if it breaks the $240 and $235 support levels in the near term.

Ethereum Price Weekly Analysis

This past week, Ethereum price started a short term recovery from the $233 swing low against the US Dollar. The ETH/USD pair recovered above the $240 and $245 levels. There was a break above the 23.6% Fib retracement level of the last decline from the $274 swing high to $233 swing low. However, the price faced a strong resistance near the $250 and $252 resistance levels. Moreover, the 100 simple moving average (4-hours) also prevented gains and acted as a strong resistance.

Moreover, the 50% Fib retracement level of the last decline from the $274 swing high to $233 swing low also stopped upsides. More importantly, there is a major bearish trend line forming with resistance at $248 on the 4-hours chart of ETH/USD. The pair is now trading well below the trend line, $250, and the 100 simple moving average (4-hours). As long as the pair is below $250, it remains at a risk of more losses. An initial support is near the $240 level, below which the price could retest the $235 support.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

If there are more losses, the price could decline sharply towards the $225 support. To start a decent recovery, the price must surpass the trend line, $250, and the 100 simple moving average (4-hours). A successful close above $250 could initiate a strong upward move towards the $255 and $260 levels. The next key resistance for the bulls is near the $270 level.

Ethereum Price Weekly Analysis ETH Chart

The above chart indicates that Ethereum price is facing a strong resistance near the $250 level and the 100 SMA. If the bulls continue to struggle, the price is likely to accelerate lower towards the $225 and $220 levels. On the upside, a clear break above $250 and $252 might start a strong upward move in the near term.

Technical Indicators

4 hours MACD – The MACD for ETH/USD is slowly moving in the bearish zone.

4 hours RSI – The RSI for ETH/USD is currently well below the 50 level and it could decline further below 40.

Major Support Level – $235

Major Resistance Level – $250

Tags: ETHethereum
TweetShare30
Nexo Logo
BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner? Win up to $1,000,000 in One Spin at CryptoSlots
Aayush Jindal

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies and Financial Market Strategist with a background in IT and financial markets. He specialises in market strategies and technical analysis, and has spent over a DECADE as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin and Ethereum markets.

Related Posts

Ethereum

Ethereum is About to Post a Massively Bullish Signal as Bulls Take Charge

2 hours ago
Ethereum

Ethereum Starts Fresh Increase, Why ETH Could Surge To $1,500

15 hours ago
Bitcoin

Bitcoin Facing Uphill Task, Why BTC Could Drop To $30K Again

17 hours ago
Ethereum

Here’s the Key Demand Zone Ethereum Might Test Before Surging Higher

1 day ago
Ethereum

Ethereum Could See an Explosive Move Higher Following Massive 20% Surge

2 days ago
bitcoin bear trend adx

Bear Trend Begins To Take Hold In Bitcoin For First Time Since October 2020

2 days ago

Premium Partners

Top Brokers

eToro

eToro

Review · Visit
Changelly

Changelly

Review · Visit
Evolve Markets

Evolve Markets

Review · Visit
ArbiSmart

ArbiSmart

Review · Visit
PrimeXBT

PrimeXBT

Review · Visit
Moneta Markets

Moneta Markets

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
CryptoSlots

CryptoSlots

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bonusfinder DE

Bonusfinder DE

Review · Visit
Bspin

Bspin

Review · Visit
Wolf Bet

Wolf Bet

Review · Visit

Top Sportsbooks

1xBit

1xBit

Review · Visit

Press Releases

Cryptowisser Releases Report on Exchanges With Lowest Fees

January 22, 2021

LABS Group Announced Strategic Partnership with Centifuge to Provide DeFi Collateralized Property Backed Lending

January 22, 2021

Jump-starting Crypto Adoption: Aurix IEO Scheduled for January 21st on ExMarkets!

January 22, 2021

Newsletter Signup


ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Auto Trading Software ▸

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2020 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Trade
  • Gamble +
  • Play Games
  • BUY BITCOIN

© 2020 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.