Ethereum Price Weekly Analysis – ETH/USD Downtrend Intact?

Key Highlights

  • Ethereum price remained under a lot of pressure this past week against the US Dollar and Bitcoin.
  • There is a crucial bearish trend line formed on the daily chart of ETH/USD (data feed via SimpleFX), which is pushing the price down.
  • The $8.00 handle may play a major role for the pair in the near term for the ETH buyers.

Ethereum price is under a lot of bearish pressure vs the US Dollar and Bitcoin, and ETH/USD may continue to trade lower going forward.

Ethereum Price Downside Pressure

It was a bad week for ETH price, as it declined heavily against the US Dollar and Bitcoin. There was an increase in the bearish pressure, igniting downside move in ETH/USD and ETH/BTC. The ETH/USD pair even traded towards $8.46 before correcting a few points. On the upside, there is a crucial bearish trend line formed on the daily chart of ETH/USD (data feed via SimpleFX).

It acted as a monster resistance area for the pair, and may continue to push it lower. It already corrected once, but found sellers near the 23.6% Fib retracement level of the last decline from the $12.75 high to $8.46 low. The chart does not support a bullish view at the moment, and it looks like the downside pressure is intact in the short term. Above the 23.6% Fib retracement level, the highlighted trend line resistance may prevent gains, and stop the upside move.

Ethereum Price Weekly AnalysisEthereum Price Weekly Analysis

On the downside, the $8.50 level may act as a support. A break below it may push the price further down. The next important support is around the $8.20, and may prevent the downside move.

Daily MACD – The MACD is currently in the bearish zone, and not showing any signs of a recovery.

Daily RSI – The RSI is currently around the oversold area with no clear direction.

Major Support Level – $8.50

Major Resistance Level – $9.50


Charts courtesy – SimpleFX

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