Ethereum Price Weekly Forecast: ETH Trading Near Crucial Juncture 2019-10-20

technical analysis ethereum

Ethereum price is showing a lot of bearish signs against the US Dollar, similar to bitcoin. ETH must stay above $168 or $160 to start a recovery in the near term.

Ethereum Price Weekly Analysis

In the past few days, Ethereum faced an increase in selling pressure below $185 against the US Dollar. As a result, there was a downside break below the $180 support area. Moreover, there was a close below the $180 level and the 100 simple moving average (4-hours). It opened the doors for more losses and the price traded below the $175 level. Finally, the price traded below $170 and tested the key $168 support area.

A swing low was formed near $168 and the price is currently consolidating. An immediate resistance is near the $172 level or the 23.6% Fib retracement level of the recent decline from the $188 high to $168 low. Moreover, there is a crucial bearish trend line forming with resistance near $174 on the 4-hours chart of ETH/USD. If there is an upside break above the trend line, the price could recover towards the $178 resistance.

More importantly, the 50% Fib retracement level of the recent decline from the $188 high to $168 low is near the $178 level and the 100 SMA to act as a strong resistance. The main hurdle is near the $180 level. Therefore, a successful close above $180 and the 100 SMA is needed for Ethereum price to start a strong recovery. In the mentioned case, the price could recover towards the $185 and $188 resistance levels.

On the downside, the main support is near the $168 zone. If there is a bearish break below $168, the price could extend its decline. The next support is near the $160 area, below which the price may perhaps test the $152 support.

The above chart indicates that Ethereum price is clearly trading near a crucial juncture above the $168 support. It could either decline further below $168 or it might start a decent recovery towards $180.

Technical Indicators

4 hours MACD – The MACD for ETH/USD is struggling to move back into the bullish zone.

4 hours RSI – The RSI for ETH/USD is currently well below the 40 level, with mostly bearish signs.

Major Support Level – $168

Major Resistance Level – $180

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