Ethereum Price Weekly Analysis – ETH/USD Crucial Challenge

Key Highlights

• ETH price recovered well from the $69.30 swing low against the US Dollar, and moved above $85.
• There is a crucial bearish trend line formed with resistance at $88.60 on the 4-hours chart of ETH/USD (data feed via SimpleFX).
• A break above the $88.60-89.00 resistance is needed for ETH buyers to gain control.

Ethereum price recovered well against the US Dollar and Bitcoin, and now ETH/USD is looking to break a crucial resistance near $89.

Ethereum Price Trend Line Resistance

This past week was mostly neutral for ETH price as it remained above the $80 area against the US Dollar. There were mostly swing moves, with a decent buying interest near $84. Earlier, there was a sharp dip towards the $70 level where the price found support. A low was formed at $69.30 from where a recovery was initiated. The price first traded above the 23.6% Fibonacci retracement level of the last decline from the $100.60 high to $69.30 low. It prompted further buying.

The price managed to move above the 100 simple moving average (H4) at $81, which is a positive sign. There was even a break above the 50% Fibonacci retracement level of the last decline from the $100.60 high to $69.30 low. At the moment, a crucial bearish trend line with resistance at $88.60 on the 4-hours chart of ETH/USD is preventing gains.

The same trend line resistance is important since is near the 61.8% Fibonacci retracement level of the last decline from the $100.60 high to $69.30 low. A break above it needed is for further gains above $90. On the downside, the 100 simple moving average (H4) at $84 can serve as a major support.

4-hours MACD – The MACD is slowly moving in the bullish zone.

4-hours RSI – The RSI has just moved above the 50 level, and heading higher.

Major Support Level – $84.00

Major Resistance Level – $89.00

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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