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Breaking News: Bitcoin Price Retests $27K Following Fed Rate Decision
Ethereum Price Weekly Analysis

Ethereum Price Weekly Analysis – Can ETH/USD Remain Bullish?

Aayush Jindal by Aayush Jindal
6 years ago
in Cryptocurrency news, Technical analysis
Reading Time: 2 mins read
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Key Highlights

  • Ethereum price finally managed to gain traction this past week against the US Dollar for a move towards $11.00.
  • There was a crucial bearish trend line formed on the daily chart of ETH/USD (data feed via SimpleFX), which was broken during the upside move.
  • The price is currently in the bullish zone, but struggling to gain further momentum above $11.00.

Ethereum price spiked higher this past week and closed above a major hurdle against the US Dollar. More gains possible in ETH/USD moving ahead?

Ethereum Price Upside Break

This past we saw how there was an upside break in Ethereum price against the US Dollar for a move towards the $11.00 level. The price also managed to move higher against the Bitcoin, which was a positive sigh. The ETH/USD pair initially broke the 23.6% Fib retracement level of the last decline from the $14.26 high to $5.69 low, which opened the doors for more gains.

Later, the price managed to clear a crucial bearish trend line formed on the daily chart of ETH/USD (data feed via SimpleFX). This further ignited an upside move. The price then moved above the 50% Fib retracement level of the last decline from the $14.26 high to $5.69 low. However, the upside move stalled near a major hurdle at $11.00. The price failed to make a daily close above the stated level, and currently struggling.

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Ethereum Price Weekly Analysis

The price at the moment is just above the 100-day simple moving average, and attempting to regain the bullish traction.  If the price stays above the 100-day SMA at $9.00, then there are chances of more gains during this upcoming week.

Daily MACD – The MACD is now in the bullish zone, which is a good sign.

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Daily RSI – The RSI is well above the 50 level, suggesting bullish bias in the near term for ETH price.

Major Support Level – $9.00

Major Resistance Level – $11.00

 

Charts courtesy – SimpleFX

Tags: Ethereum Price analysisEthereum Price chartethereum technical analysisethereum tradeethereum trade analysisethereum tradingethereum usdOpinionpricetrading
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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.

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