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Ethereum Price Weekly Analysis

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

Aayush Jindal by Aayush Jindal
6 years ago
in Cryptocurrency Market News, Technical analysis
Reading Time: 2 mins read

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.

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.

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. He specializes in market strategies and technical analysis and has spent over 15 years as a financial markets contributor and observer. He also founded an IT company and works rigorously in providing high-quality software services. Aayush possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin, and Ethereum markets. Follow him on Twitter @AayushJs.

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