Ethereum Price Weekly Analysis – ETH/USD Back Bullish

Key Highlights

• ETH price after a couple of downside swing move towards the $47.50 level found support against the US Dollar.
• There is a monster bullish trend line formed with support at $49.90 formed on the 4-hours chart of ETH/USD (data feed via SimpleFX).
• On the upside, the pair needs to break the $52.80-53.00 resistance area for a sustained upside move.

Ethereum price is back in the bullish zone against the US Dollar, and currently ETH/USD is attempting a major upside break above $53.00.

Ethereum Price Resistance

This past week, we saw how ETH price declined heavily and moved down towards $47.50 against the US Dollar. Later, the price found support at $47.40, and started an upside move. There was a nice reversal, as the price moved above the 50% Fib retracement level of the last decline from the $52.41 high to $47.41 low. The most important point was no close below the 100 simple moving average (H4) at $47.10.

And, the downside move was protected near a monster bullish trend line formed with support at $49.90 formed on the 4-hours chart of ETH/USD. The price is currently trading above the 76.4% Fib retracement level of the last decline from the $52.41 high to $47.41 low. It may soon test the last swing high at $52.41. A break above it won’t be easy, as there is a crucial resistance near $52.80-53.00.

The stated resistance acted as barrier on many occasions, and prevented a move above $54.00. If there is a break, the price may test the 1.236 extension of the last decline from the $52.41 high to $47.41 low. As long as the price is above the highlighted trend line support at $49.90-75, there are chances of an upside break in the near term.

4-hours MACD – The MACD is currently well in the bullish zone.

4-hours RSI – The RSI is moving higher and well above the 50 level.

Major Support Level – $49.80

Major Resistance Level – $52.80

 

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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