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Home Cryptocurrency news

Ethereum Price Weekly Analysis – ETH/USD Trades Positive

Aayush Jindal by Aayush Jindal
4 years ago
in Cryptocurrency news, Technical analysis
Reading Time: 2min read
Ethereum Price Weekly Analysis ETH
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Key Highlights

  • ETH price was mostly bullish against the US Dollar, but was not able to break the $53.50 resistance.
  • There was a major bearish trend line with resistance at $43.70 on the 4-hours chart of ETH/USD pair (data feed via SimpleFX), which was broken.
  • On the downside, the 100 simple moving average (H4) may act as a support at $46.05.

Ethereum price is trending higher against the US Dollar, and it looks like the ETH/USD pair may challenge the $53.50 resistance soon.

Ethereum Price Upside Hurdle

This past week, there were a couple of swing moves in ETH price towards $50 against the US Dollar. The price dipped and then recovered above the $46.00 level. The upside move was decent, as the price was above to close above the 100 simple moving average (H4) at $46.05. Also, there was a close above the 23.6% Fib retracement level of the last decline from the $53.40 high to $40.70 low.

Later, the price climbed above a major bearish trend line with resistance at $43.70 on the 4-hours chart of ETH/USD pair. This was a positive sign and lifted the price above the $46.00 level. To add to the bullish traction, the price climbed above the 50% Fib retracement level of the last decline from the $53.40 high to $40.70 low. And, it recently traded as high as $50.99 where it found sellers and moved down.

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Ethereum Price Weekly Analysis ETH

Since, the price is above the 61.8% Fib retracement level of the last decline from the $53.40 high to $40.70 low, it remains bullish. There is a chance that the price may extend the recent upside soon. Before upside, the price may retest the 100 simple moving average (H4) at $46.05, and then move higher.

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

4-hours RSI – The RSI remains well above the 50 level.

Major Support Level – $46.00

Major Resistance Level – $50.99

 

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 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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