Ethereum Price Weekly Forecast: ETH Eyes Fresh Increase Above $340

Aayush Jindal

1 year ago

2 mins read

sleepwalking, technical analysis ethereum

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ETH price completed a downside correction near the key $275 support area against the US Dollar.
Bitcoin price is back above the $12,000 level and is signaling a strong bullish momentum.
There is a key ascending channel in place with support near $310 on the 4-hours chart of ETH/USD (data feed via Kraken).
The pair is likely to continue higher and it could even surpass the main $340 resistance area.

Ethereum price is slowly moving back in a positive zone against the US Dollar, similar to bitcoin. ETH is likely to accelerate once it clears the $330 and $340 resistance levels.

Ethereum Price Weekly Analysis

This past week, Ethereum price started a major downside correction from the $363 high against the US Dollar. The ETH/USD pair traded below a couple of important supports near the $340 and $320 levels. The price even declined below the $300 support and tested the main $275 support area. A swing low was formed near $274 and the price recently started a fresh increase. It is now trading above the $300 level and the 100 simple moving average (4-hours).

Moreover, there was a break above the 23.6% Fib retracement level of the recent drop from the $363 high to $274 low. The current price action is positive and the price is now trading nicely above $310. Additionally, there is a key ascending channel in place with support near $310 on the 4-hours chart of ETH/USD. At the moment, the price is just above the 50% Fib retracement level of the recent drop from the $363 high to $274 low.

If there is an upside break above the $330 resistance, the price could accelerate higher. The next important resistance is near the 340 level. Moreover, the 76.4% Fib retracement level of the recent drop from the $363 high to $274 low is also near $342. Once there is a break above $340 and $342, the price could accelerate towards the $363 high or even $375.

On the downside, there is a strong support forming near the $310 level. If there is a downside break below the channel support, the price might decline towards the $300 support.

The above chart indicates that Ethereum price likely completed a downside correction and is currently moving higher. If there is a successful break above $330 and $340, there could be strong gains in the coming sessions.

Technical Indicators

4 hours MACD – The MACD for ETH/USD is slowly moving back in the bullish zone.

4 hours RSI – The RSI for ETH/USD is currently well above the 750 level, with a positive momentum and angle.

Major Support Level – $310

Major Resistance Level – $340

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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