Ethereum Price Weekly Analysis – ETH/USD Resumes Trend

August 6, 2017

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Key Highlights

ETH price week after gaining bids this past week moved higher and broke the $237 resistance against the US Dollar.
There was a break above a major bearish trend line at $226 on the 4-hours chart of ETH/USD (data feed via SimpleFX).
The pair recently traded as high as $263.22 and any dips remain supported in the near term.

Ethereum price is back in the bullish trend against the US Dollar and Bitcoin. ETH/USD is now poised for more upsides above $260.

Ethereum Price Upside Surge

It seems like a bottom is formed in ETH price around the $140 level against the US Dollar. The price has recovered a lot during the past few days and recently broke a major resistance near $237. The upside move was decent and points a lot of strength above $230. During the upside move, the price also cleared another major resistance near $222 and the 100 simple moving average (H4).

There was also a break above a major bearish trend line at $226 on the 4-hours chart of ETH/USD. This is a great sign that ETH buyers are back in action with a close above $220. So, there are chances that the pair might continue to trade higher in the near term. It recently traded as high as $263.22 and currently correcting lower. An initial support is around the 23.6% Fib retracement level of the wave from the $218.38 low to $263.22 high.

However, the most important support is now near $237-240. It was a major resistance and now a crucial support at $237. Furthermore, the 50% Fib retracement level of the wave from the $218.38 low to $263.22 high is at $240.08. Overall, buying dips remain a good option near $237-240 in the short term.

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

4-hours RSI – The RSI is currently in the overbought zone.

Major Support Level – $237

Major Resistance Level – $260.00

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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