Ethereum Price Weekly Analysis – Consolidation Or Indecision?

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Key Highlights

  • Ethereum price after a nasty decline against the US Dollar this past week found support near $7.00.
  • ETH/USD recovered a few points before closing the week above the $8.00 resistance area.
  • There was a bearish trend line formed on the 4-hours chart of Ethereum price (data feed via Kraken), which was broken to open the doors for a move higher.

Ethereum price started a correction after a monster decline. Can the price consolidate before gaining further or is this an indecision?

Ethereum Price – Buy Dips?

Ethereum price declined heavily this past week and traded below the $7.0 level against the US Dollar. Sellers were completely in control and succeeded in taking ETH/USD down during this past week. However, the downside was stalled near $7.00, and the bulls managed to push the price back up. There was a bearish trend line formed on the 4-hours chart of Ethereum price (data feed via Kraken), which was broken to set the pace for a correction.

After a break, the price traded with a positive tone and closed the week above the $8.00 resistance area. However, the price found sellers near the $8.50 area and moved down once again. The price before closing the week started to consolidate. It looks like there is a chance of a range trading before the price makes the next move.

Ethereum Price Weekly Analysis

Now, the next move may be a downside, as it looks like a correction is likely over and ETH may start to weaken once again. It won’t be easy for the bulls to take ETH/USD higher in the near term. On the upside, a major resistance area is near $9.00.

4-hours MACD – The MACD is about to change the slope to bearish, which is a negative sign for ETH moving ahead.

4-hours RSI – The RSI is just around the 50 level, suggesting a break is near.

Intraday Support Level – $8.00

Intraday Resistance Level – $9.00

Charts courtesy of Kraken via Trading View

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