Ethereum Price Weekly Analysis: ETH Could Surge Toward $180

Aayush Jindal

1 year ago

2 mins read

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Key Highlights

ETH price remained in a solid uptrend and it could trade above $170 and $180 against the US Dollar.
There is a crucial bullish trend line formed with support at $148 on the 4-hours chart of ETH/USD (data feed via Kraken).
The pair could resume its upward move and it may soon clear the $162 and $170 resistances.

Ethereum price is slowly gaining momentum versus the US Dollar and Bitcoin. ETH/USD may correct lower in the short term, but dips remain supported.

Ethereum Price Analysis

This past week, ETH price followed a solid bullish path above the $120 pivot area against the US Dollar. The ETH/USD pair broke the $142 resistance area and settled above the 100 simple moving average (4-hours). Later, buyers gained bullish momentum and broke the $150 and $154 resistance levels. The price even broke the $160 level and traded towards the $162 level.

A high was formed at $161.57 and later the price started a downside correction. It declined below the $154 support to move into a short term bearish zone. Sellers pushed the price below the 23.6% Fib retracement level of the recent wave from the $128 low to $162 swing high. However, there are many supports on the downside near the $150 and $142 levels. Moreover, there is a crucial bullish trend line formed with support at $148 on the 4-hours chart of ETH/USD. Below the trend line, the 50% Fib retracement level of the recent wave from the $128 low to $162 swing high is at $145. Therefore, downsides near the $150 and $145 levels are likely to find a strong buying interest.

The above chart indicates that ETH price remains in a decent uptrend above the $142 support. On the upside, a break above the $162 swing high may open the doors for $170 and $180.

4-hours MACD – The MACD is slightly placed in the bearish zone.

4-hours RSI – The RSI is moving lower towards the 50 level.

Major Support Level – $142

Major Resistance Level – $162

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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