Ethereum Price Weekly Analysis – ETH/USD Upcoming Crucial Break

Key Highlights

• ETH price remained supported on the downside near $210 against the US Dollar.
• There is a monster contracting triangle pattern with resistance at $232-235 forming on the 4-hours chart of ETH/USD (data feed via SimpleFX).
• The pair is likely heading towards a major break, which could open the doors for more gains towards $260.

Ethereum price is gaining pace against the US Dollar and Bitcoin. ETH/USD might break higher soon and trade above $240 in the near term.

Ethereum Price Resistance

This past week there was relief for ETH price as it recovered well from the $135 low against the US Dollar. The price after trading as low as $136.16 started a nice upward move. It traded above the 23.6% Fib retracement level of the last decline from the $316.36 high to $136.16 low. This move opened the doors for a decent recovery above $180 in the near term. The next major upside move was above the $205 resistance, which encouraged buyers to step up the momentum.

Later, the price was able to move above the 38.2% Fib retracement level of the last decline from the $316.36 high to $136.16 low and the 100 simple moving average (H4). At the moment, the price is trading near a major hurdle at $332-335. There is a monster contracting triangle pattern with resistance at $232-235 forming on the 4-hours chart of ETH/USD. The price is currently approaching a break and may most likely break the $335 resistance for a move towards $360.

The 50% Fib retracement level of the last decline from the $316.36 high to $136.16 low is also around $230. So, an upside break would mean more gains probably towards the $250 or $260 levels.

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

4-hours RSI – The RSI is heading higher above the 50 level.

Major Support Level – $205.00

Major Resistance Level – $235.00

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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