Ethereum Price Weekly Analysis – ETH/USD Gaining Momentum

Aayush Jindal

7 years ago

2 mins read

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Key Highlights

ETH price is trading higher and it recently moved above the $1010 resistance against the US Dollar.
There was a break above a significant bearish trend line with resistance at $1006 on the 4-hours chart of ETH/USD (data feed via SimpleFX).
The pair is gaining momentum and it could move above the $1160 level in the near term.

Ethereum price is moving higher against the US Dollar and Bitcoin. ETH/USD is moving nicely in the bullish zone towards $1160 and $1200.

Ethereum Price Support

There is a solid bullish wave pattern forming in ETH price above the $900-910 support area against the US Dollar. The price started a nice upside move and traded above the 23.6% Fib retracement level of the last major decline from the $1415 high to $753 low. It opened the doors for more gains and the price was able to move above the $1000 and $1020 resistance levels.

More importantly, there was a break above a significant bearish trend line with resistance at $1006 on the 4-hours chart of ETH/USD. The pair is gaining momentum and is currently trading above the $1070 level. It also broke the 50% Fib retracement level of the last major decline from the $1415 high to $753 low. These are positive signs above $1050 and the price is attempting a close above the 100 simple moving average (4-hours). A successful close above the $1120 level could clear the path for more gains.

The next major resistance is at $1162 and the 61.8% Fib retracement level of the last major decline from the $1415 high to $753 low. On the downside, there is a decent support and a bullish trend line forming at $1050-1060, acting as a buy zone. Overall, the price is back in the bullish zone above $1050.

4-hours MACD – The MACD is gaining momentum in the bullish zone.

4-hours RSI – The RSI is moving higher and is currently well above the 50 level.

Major Support Level – $1050

Major Resistance Level – $1160

Charts courtesy – SimpleFX

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.

From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
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