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Ethereum Price Weekly Analysis
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Ethereum Price Weekly Analysis – ETH/USD Uptrend Resumes

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

  • ETH price after a correction towards $30 against the US Dollar recovered and moved higher.
  • There is a nice bullish trend line formed with support at $47 on the daily chart of ETH/USD pair (data feed via SimpleFX).
  • On the upside, the recent high of $53.75 might continue to act as a resistance in the near term.

Ethereum price after a dip against the US Dollar bounced back, and now ETH/USD is trading with a nice support area above $40.

Ethereum Price Support

In the last weekly analysis, we saw how ETH price was trading above a crucial support juncture against the US Dollar. The price corrected lower, and later managed to gain bids above the $30 handle. Finally, there was a wave completion, and the price was able to move back higher. It climbed above the $42 resistance, and then moved past $48. The best part was a close above the 61.8% Fib retracement level of the last drop from the $52 high to $32 low.

The price is currently trading around the $50 handle, and already tested the $54 resistance once. On the downside, there is a nice bullish trend line formed with support at $47 on the daily chart of ETH/USD pair (data feed via SimpleFX). Moreover, the 23.6% fib retracement level of the last wave from the $30.36 low to $53.75 high is also waiting on the downside. So, we can say there is a good support formation just around $47.

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Ethereum Price Weekly Analysis

As long as the price is above $47, there is a chance of it closing back above $52. On the upside, the recent high of $53.75 should be breached in order for ETH price to move past $55.

Daily MACD – The MACD is well into the bullish zone, and extending gains.

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Daily RSI – The RSI is moving down from the overbought levels.

Major Support Level – $47.00

Major Resistance Level – $54.00

 

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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