Ethereum Price Weekly Analysis – ETH/USD Still in Uptrend?

Key Highlights

• ETH price declined sharply from the $395.56 swing high against the US Dollar.
• There is a monster bullish trend line with support at $325 on the 4-hours chart of ETH/USD (data feed via SimpleFX) that held the downside.
• The pair is currently recovering, but remains under pressure below $360 in the near term.

Ethereum price declined sharply after forming highs against the US Dollar and Bitcoin. Is ETH/USD still in uptrend above the $325 level?

Ethereum Price Support

This past week was a good one for ETH price as it moved higher towards the $380 level against the US Dollar. The price even broke $380 to trade as high as $395.56 where it faced sellers. Buyers struggled to take the price above $395.56, and as a result, there was a downside move. The price dipped strongly and traded lower by more than $50. All crytos and Bitcoin price were seen struggling. BTC/USD after making a top started declining and dragged ETH/USD along.

The price even traded below the $350 level. However, the downside move found support near $325. A monster bullish trend line with support at $325 on the 4-hours chart of ETH/USD protected the further losses. The most important point here is the $325 support, which is positioned near the 100 simple moving average (H4). It means the $325 support is very significant.

A recovery started and the price has already moved above the 23.6% Fib retracement level of the last decline from the $395.56 high to $325.47 low. However, the price may find a lot of barriers near $360 and it won’t be easy for buyers to break it. Moreover, the 50% Fib retracement level of the last decline from the $395.56 high to $325.47 low is also near $359. Therefore, the trend line support (now at $330) holds a lot of importance for the current trend.

4-hours MACD – The MACD has moved into the bearish zone.

4-hours RSI – The RSI is now recovering from the oversold levels.

Major Support Level – $330

Major Resistance Level – $360

 

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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