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Breaking News: Fed Holds Interest Rates Steady, Bitcoin Awaits Trend Reversal Above $27,000
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Breaking News: Fed Holds Interest Rates Steady, Bitcoin Awaits Trend Reversal Above $27,000
Ethereum Price Weekly Analysis ETH USD
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Ethereum Price Weekly Analysis – ETH/USD Uptrend Remains Intact

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

Key Highlights

  • ETH price fell sharply yesterday and moved down from $203 to $100 against the US Dollar.
  • During the downside move, the ETH/USD pair broke a major bullish trend line with support at $164 on the 4-hours chart (data feed via SimpleFX).
  • The pair recovered sharply after testing the $100 handle, which is an important support.

Ethereum price corrected in a scary fashion against the US Dollar and Bitcoin, but now ETH/USD is back trading with a bullish bias above $140.

Ethereum Price Decline and Recovery

This past week was amazing, as ETH price climbed above the $200 level and traded as high as $203.45 against the US Dollar. Thereafter, it faced sellers and started a downside move below $200. The price fell sharply once a decline was initiated with a break below $190. The price cleared the 50% Fibonacci retracement level of the last wave from the $80.35 low to $203.45 high.

It opened the doors for more declines, and pushed the price below $150. Also, the ETH/USD pair broke a major bullish trend line with support at $164 on the 4-hours chart. The downside move finally found support around $100 where buyers appeared. The best part was no close below the 100 simple moving average (H4) and $120. It is a positive sign and suggests a bounce back above $130. The price is already above the 50% Fib retracement level of the last decline from the $203.45 high to $98.07 low.

Ethereum Price Weekly Analysis ETH USD

The current price action is decent, and suggest more gains above $150. The price may soon break the 61.8% Fib retracement level of the last decline from the $203.45 high to $98.07 low at $163.17. Once there is a close above $165, the price may start heading towards $190 once again. The overall trend remains bullish with dips towards $140 as buying opportunity.

4-hours MACD – The MACD is about to move back in the bullish zone.

4-hours RSI – The RSI is about to break the 50 level.

Major Support Level – $120.00

Major Resistance Level – $165.00

 

Charts courtesy – SimpleFX

Tags: Ethereum AnalysisEthereum 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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