Ethereum Price Weekly Analysis – Test of Buyers Patience

Key Highlights

  • Ethereum price continued to move down against the US Dollar, and traded below the $10.00 level.
  • There are a few bearish trend lines formed on the 4-hours chart of ETH/USD (data feed via SimpleFX), which are acting as a downside move catalyst.
  • The ETH bulls need to fight hard for an upside move with resistances near $10.25 and $10.55.

Ethereum price declined further this past week versus the US dollar, and it looks like ETH/USD buyers are really struggling at the moment.

Ethereum Price Resistances

ETH price declined this week, and recently broke the $10.00 support area for a move towards the $9.50 level. The ETH/USD pair is currently recovering, but there are many resistance levels on the way up. It has already broken the 50% Fib retracement level of the last wave from the $9.24 low to $11.35 high. So, there are chances of it extending the downside move, and test the full swing low of $9.24.

An initial resistance is currently around a bearish trend line formed on the 4-hours chart of ETH/USD (data feed via SimpleFX). However, the most important resistance is near the 100 simple moving average (4-hours), which is at $10.55. It is crucial since there is another bearish trend line positioned around the same level. So, it may act as a monster hurdle for the ETH buyers on the way up.

Ethereum Price Weekly Analysis Ethereum Price Weekly Analysis

It won’t be easy for the ETH buyers to take the price higher especially above the $10.55. If they succeed, then it may be considered as a trend change. On the downside, an initial support it at the 76.4% Fib retracement level of the last wave from the $9.24 low to $11.35 high at $9.70.

4-hours MACD – The MACD is currently in the bearish zone with no sign of a slope change.

4-hours RSI – The RSI is currently recovering the oversold readings, and moving north.

Major Support Level – $9.70

Major Resistance Level – $10.55

 

Charts courtesy – SimpleFX

Disclaimer: The information contained herein is not guaranteed, does not purport to be comprehensive and is strictly for information purposes only. It should not be regarded as investment/trading advice. All the information is believed to come from reliable sources. NewsBTC does not warrant the accuracy, correctness, or completeness of information in its analysis and therefore will not be liable for any loss incurred.

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