Ethereum Price Weekly Analysis – ETH/USD Uptrend Remains Intact

Key Highlights

• ETH price fell sharply yesterday and moved down from $203 to $100 against the US Dollar.
• During the downside move, the ETH/USD pair broke a major bullish trend line with support at $164 on the 4-hours chart (data feed via SimpleFX).
• The pair recovered sharply after testing the $100 handle, which is an important support.

Ethereum price corrected in a scary fashion against the US Dollar and Bitcoin, but now ETH/USD is back trading with a bullish bias above $140.

Ethereum Price Decline and Recovery

This past week was amazing, as ETH price climbed above the $200 level and traded as high as $203.45 against the US Dollar. Thereafter, it faced sellers and started a downside move below $200. The price fell sharply once a decline was initiated with a break below $190. The price cleared the 50% Fibonacci retracement level of the last wave from the $80.35 low to $203.45 high.

It opened the doors for more declines, and pushed the price below $150. Also, the ETH/USD pair broke a major bullish trend line with support at $164 on the 4-hours chart. The downside move finally found support around $100 where buyers appeared. The best part was no close below the 100 simple moving average (H4) and $120. It is a positive sign and suggests a bounce back above $130. The price is already above the 50% Fib retracement level of the last decline from the $203.45 high to $98.07 low.

The current price action is decent, and suggest more gains above $150. The price may soon break the 61.8% Fib retracement level of the last decline from the $203.45 high to $98.07 low at $163.17. Once there is a close above $165, the price may start heading towards $190 once again. The overall trend remains bullish with dips towards $140 as buying opportunity.

4-hours MACD – The MACD is about to move back in the bullish zone.

4-hours RSI – The RSI is about to break the 50 level.

Major Support Level – $120.00

Major Resistance Level – $165.00

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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