Ethereum Price Weekly Analysis – ETH/USD Uptrend Resumes

Key Highlights

• ETH price after a correction towards $30 against the US Dollar recovered and moved higher.
• There is a nice bullish trend line formed with support at $47 on the daily chart of ETH/USD pair (data feed via SimpleFX).
• On the upside, the recent high of $53.75 might continue to act as a resistance in the near term.

Ethereum price after a dip against the US Dollar bounced back, and now ETH/USD is trading with a nice support area above $40.

Ethereum Price Support

In the last weekly analysis, we saw how ETH price was trading above a crucial support juncture against the US Dollar. The price corrected lower, and later managed to gain bids above the $30 handle. Finally, there was a wave completion, and the price was able to move back higher. It climbed above the $42 resistance, and then moved past $48. The best part was a close above the 61.8% Fib retracement level of the last drop from the $52 high to $32 low.

The price is currently trading around the $50 handle, and already tested the $54 resistance once. On the downside, there is a nice bullish trend line formed with support at $47 on the daily chart of ETH/USD pair (data feed via SimpleFX). Moreover, the 23.6% fib retracement level of the last wave from the $30.36 low to $53.75 high is also waiting on the downside. So, we can say there is a good support formation just around $47.

As long as the price is above $47, there is a chance of it closing back above $52. On the upside, the recent high of $53.75 should be breached in order for ETH price to move past $55.

Daily MACD – The MACD is well into the bullish zone, and extending gains.

Daily RSI – The RSI is moving down from the overbought levels.

Major Support Level – $47.00

Major Resistance Level – $54.00

 

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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