Ethereum Price Weekly Analysis – ETH/USD Gunning For $350?

Key Highlights

• ETH price gained heavy bids and was able to trade towards $340 against the US Dollar.
• There are two bullish trend lines formed with supports as $310 and $290 on the 4-hours chart of ETH/USD (data feed via SimpleFX).
• As long as the price is above $300, there is a chance of it testing the $350 level.

Ethereum price soared higher against the US Dollar and Bitcoin, and ETH/USD now looks set to break $340 and test $350.

Ethereum Price Surging Higher

In the last weekly analysis, we discussed the chances of ETH price moving above the $250 level against the US Dollar. The price did trade higher and not only broke $250, but also managed to move past $300. The current upside move looks very strong with real chances of further gains in the near term. The price already traded as high as $340.45, and looks set for more advances in the near future.

There are two bullish trend lines formed with supports as $310 and $290 on the 4-hours chart of ETH/USD. These trend lines may play a major role for a move towards $350. An initial support on the downside is at 23.6% fib retracement level of the last wave from the $238.35 low to $340.45 high. The price is currently correcting lower, but remains well-bid above $300-310.

The next important support is around the trend line above $310. Also, the 38.2% % fib retracement level of the last wave from the $238.35 low to $340.45 high is at $301. Overall, there are many key supports on the downside above $300 for ETH. As long as the price stays above these supports, there can be a break above $350.

4-hours MACD – The MACD is gaining heavy momentum in the bullish zone.

4-hours RSI – The RSI is in extreme overbought levels, and now heading south.

Major Support Level – $300.00

Major Resistance Level – $340.00

 

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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