Ethereum Price Weekly Analysis – ETH/USD Sustainable Trend

Key Highlights

• ETH price started an uptrend against the US Dollar, and may continue to trade higher.
• There are a couple of bullish trend lines formed on the daily chart (data feed via SimpleFX) of ETH/USD, which are acting as a catalyst for an upside move.
• The price may soon be reaching the last swing high of $11.43 where it may find resistance.

Ethereum price gained bullish traction this past week against the US Dollar and it looks like the ETH/USD pair may soon trade above $11.40.

Ethereum Price Support

We saw some good swing moves in Ehereum price against the US Dollar, as the price settled above the $11.00 level. There as a nice upside move, breaking resistance levels like $10.40 and $10.60. The price after dipping below the $10.00 support recovered and managed to gain traction. There was a break above the 23.6% fib retracement level of the last decline from the $11.43 high to $8.99 low.

The price is currently trading with a positive tone, and following a couple of bullish trend lines formed on the daily chart (data feed via SimpleFX) of ETH/USD. The price is well supported near the trend line area at $10.50, which is a nice buy area. The most important thing is the fact that the price is above the 50% fib retracement level of the last decline from the $11.43 high to $8.99 low. So, there are chances of more gains in the near term.

There is a high possibility of a test of the full 100% swing at $11.43. If the momentum stays with the ETH bulls, the price could even test the 1.236 extension of the last decline from the $11.43 high to $8.99 low at $11.99.

Daily MACD – The MACD is in the bullish zone, which is a positive sign.

Daily RSI – The RSI is well above the 50 level, suggesting further gains.

Major Support Level – $11.00

Major Resistance Level – $11.40

 

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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