Ethereum Price Weekly Analysis – ETH/USD Eyeing Break above $400

Key Highlights

• ETH price corrected lower this past week towards $255 against the US Dollar, but later it recovered very well.
• There is a crucial bullish trend line with support at $310 forming on the 4-hours chart of ETH/USD (data feed via SimpleFX).
• It looks like the price is about to retest $390 and may even attempt a break above $400.

Ethereum price correction was a good thing against the US Dollar and Bitcoin, and now ETH/USD is back in the bullish zone for a break above $400.

Ethereum Price Slowly Grinding Higher

In the last weekly analysis, we discussed the possibility of ETH price moving past the $350 level against the US Dollar. It did remain in the bullish zone and moved above $350, but later started a correction. A high was formed at $404 from where a correction phase was initiated. The price moved down sharply and traded lower by roughly $150. It traded below $300 to trade as low as $256 where buyers appeared.

A strong buying interest protected further declines below $256. There was also no close below the 100 simple moving average at $280. Moreover, a crucial bullish trend line with support at $310 on the 4-hours chart of ETH/USD acted as a support. It acted as a barrier, and as a result, the price moved back above $300. Buyers were successful in taking the price back above the 50% Fib retracement level of the last decline from the $404 high to $256 low.

At the moment, the price is slowly and steadily moving higher with supports as $345 and $310. A break above the 76.4% Fib retracement level of the last decline from the $404 high to $256 low is needed for ETH to retest $400. If buyers remain in control, there is a chance of a break above $400 as well.

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

4-hours RSI – The RSI is heading higher and currently above 50.

Major Support Level – $345.00

Major Resistance Level – $400.00

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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