Ethereum Price Weekly Analysis – Can ETH/USD Remain Bullish?

Key Highlights

• Ethereum price finally managed to gain traction this past week against the US Dollar for a move towards $11.00.
• There was a crucial bearish trend line formed on the daily chart of ETH/USD (data feed via SimpleFX), which was broken during the upside move.
• The price is currently in the bullish zone, but struggling to gain further momentum above $11.00.

Ethereum price spiked higher this past week and closed above a major hurdle against the US Dollar. More gains possible in ETH/USD moving ahead?

Ethereum Price Upside Break

This past we saw how there was an upside break in Ethereum price against the US Dollar for a move towards the $11.00 level. The price also managed to move higher against the Bitcoin, which was a positive sigh. The ETH/USD pair initially broke the 23.6% Fib retracement level of the last decline from the $14.26 high to $5.69 low, which opened the doors for more gains.

Later, the price managed to clear a crucial bearish trend line formed on the daily chart of ETH/USD (data feed via SimpleFX). This further ignited an upside move. The price then moved above the 50% Fib retracement level of the last decline from the $14.26 high to $5.69 low. However, the upside move stalled near a major hurdle at $11.00. The price failed to make a daily close above the stated level, and currently struggling.

The price at the moment is just above the 100-day simple moving average, and attempting to regain the bullish traction.  If the price stays above the 100-day SMA at $9.00, then there are chances of more gains during this upcoming week.

Daily MACD – The MACD is now in the bullish zone, which is a good sign.

Daily RSI – The RSI is well above the 50 level, suggesting bullish bias in the near term for ETH price.

Major Support Level – $9.00

Major Resistance Level – $11.00

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.

<!–

–>

NewsBTC USA