Ethereum Price Weekly Analysis – ETH/USD Stuck In Range

Key Highlights

• ETH price mostly traded in a range against the US Dollar, and remained below the $53.75 resistance.
• There is a tiny bearish trend line formed with resistance at $51.10 on the 4-hours chart of ETH/USD pair (data feed via SimpleFX).
• On the downside, the $47.40 level can be considered as a major support area.

Ethereum price remained in a range with support near $47 against the US dollar, and currently ETH/USD is attempting a break.

Ethereum Price Resistance

There were mostly swing moves up and down in ETH price against the US Dollar and Bitcoin. Initially, there were declines in ETH/USD and ETH/BTC, but later the pairs managed to recover. It looks like the ETH/USD pair is mostly trading in a range with a major resistance near $53.70. Recently, the pair moved down, and traded near the range support above $47. The price almost broke it, but later managed to find bids for an upside move. The price is currently above $49.80, and facing offers.

On the upside, there is a tiny bearish trend line formed with resistance at $51.10 on the 4-hours chart of ETH/USD pair (data feed via SimpleFX). The price is currently struggling to break it. A break above it may call for a move towards the range high at $53.70. However, a push above the trend line resistance at $51.10 might not be easy.

On the downside, the range support is near $47.50-47.30. It acted as a support on many occasions and prevented a move towards $45. The same range support area also represents the 38.2% Fib retracement level of the last wave from the $38.22 low to $53.70 high. If the price moves down, it could find bids above $47.

4-hours MACD – The MACD is currently flat with major signal.

4-hours RSI – The RSI is attempting to settle above the 50 level, which is a positive sign.

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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