Ethereum Price Weekly Analysis – ETH/USD Rally To Continue

Key Highlights

• ETH price remained in a solid uptrend and moved above the $75 level against the US Dollar.
• There is a crucial bullish trend line formed with support at $73.00 on the 4-hours chart of ETH/USD (data feed via SimpleFX).
• On the upside, a break above the $75 level may call for further upsides in the near term.

Ethereum price is trading with a lot of bullish bias against the US Dollar and Bitcoin, and now ETH/USD is looking to move past $77 to $80.

Ethereum Price Next Break

This past week was an amazing ride for ETH price as it broke many resistances, including $70 against the US Dollar. There were nasty gains as the price moved higher by more than 40%. First, there was a break above the all-important $54.50 resistance level, which opened the doors for more gains. Next, the price broke a major hurdle at $60, which further cleared the upside path.

The last important break was above $72, which is major Fib extension, calling for further upsides. The price rocketed above the $75 level and traded as high as $76.92. A correction wave was initiated, and the price moved below the 23.6% Fib retracement level of the last wave from the $65.61 low to $76.92 high. The downside move extended towards $71.20 where it found support. The 50% Fib retracement level of the last wave from the $65.61 low to $76.92 high acted as a perfect support zone.

The price is now once again setting up for another upside ride above $75. On the downside, there is a crucial bullish trend line formed with support at $73.00 on the 4-hours chart of ETH/USD. It may soon break a contracting triangle resistance at $75.50 for further gains in the near term.

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

4-hours RSI – The RSI is currently well into the overbought levels.

Major Support Level – $72.00

Major Resistance Level – $77.00

 

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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