Ethereum Price Weekly Analysis – What Can Happen Next?

Key Highlights

  • Ethereum price continued to face a lot of hurdles this past week against the US Dollar and Bitcoin.
  • There is a monster bearish trend line formed on the 4-hours chart of ETH/USD (data feed via SimpleFX), acting as a resistance on the upside.
  • A break and a daily close above the $10.00 level is needed for the price to gain momentum.

Ethereum price remained under a lot of bearish pressure versus the USD to trade towards $9.20. Let’s see if ETH/USD can recover or not.

Ethereum Price Recovery Possible?

Every time ETH price attempted a recovery this past week it faced sellers not only against the US Dollar, but also versus the Bitcoin. The ETH/USD pair declined and traded as low as $9.29 where the buyers just managed to protect the downside. It is currently attempting to correct higher, and trading just above the 23.6% Fib retracement level of the last decline from the $10.20 high to $9.29 low.

It is clearly struggling to gain momentum, and it looks like buyers are not finding any reason for now to take the price higher. There are many resistances on the upside like $9.70 and $10.00. The most important one is around a monster bearish trend line formed on the 4-hours chart of ETH/USD (data feed via SimpleFX). It acted as a major barrier for a recovery in ETH/USD in the past, and may continue to stop the upside.

Ethereum Price Weekly AnalysisEthereum Price Weekly Analysis

The 50% Fib retracement level of the last decline from the $10.20 high to $9.29 low is also just around the trend line. If the ETH has to start a real and substantial recovery, it has to break the $10.00 level and close above it.

4-hours MACD – The MACD is currently in the bearish zone, and not showing any convergence.

4-hours RSI – The RSI is currently well below the 50 level, but now with no real direction.

Major Support Level – $9.40

Major Resistance Level – $10.00

 

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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