Ethereum Price Weekly Analysis – ETH/USD Eyeing Support

Key Highlights

• ETH price was seen gaining pace this past week and traded towards the $13.20 level against the US Dollar.
• There are two bullish trend lines formed on the daily chart (data feed via SimpleFX) of ETH/USD, which may act as a support on the downside near $12.00.
• On the upside, the $13.20 high is a resistance area just above the $13.00 handle.

Ethereum price remains in an uptrend against the US Dollar, and at the moment it looks like the ETH/USD pair is eyeing test of the $12.00 support.

Ethereum Price Trend Line Support

This past week, we there was a rise towards $13.20 in Ethereum price against the US Dollar. Later, the price found sellers and started consolidating gains below $13.00. The price at the moment is trading in a range, and may trade lower as a part of a correction. On the downside, there are many support levels, like the 23.6% fib retracement level of the last wave from the $8.99 low to $13.20 high.

However, there are two bullish trend lines formed on the daily chart (data feed via SimpleFX) of ETH/USD. These are important supports on the downside. The first trend line at $11.60-11.80 also coincides with the 38.2% fib retracement level of the last wave from the $8.99 low to $13.20 high. The second one is further on the downside towards $11.00. So, we can say that there are many support areas on the downside starting $12.20.

So, if the pair continues to correct lower, it may find bids on the downside and recover. Overall, it looks like the price remains supported and remains buy on dips near $12.00. On the upside, an initial resistance is at $13.20, followed by $13.40.

Daily MACD – The MACD is well placed in the bullish zone.

Daily RSI – The RSI is in the overbought levels, suggesting a correction.

Major Support Level – $12.00

Major Resistance Level – $13.00

 

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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