Ethereum Price Weekly Analysis – ETH/USD
Ethereum price is in uptrend against the US Dollar and Bitcoin, but ETH/USD has to gain traction to continue moving higher.
Key Highlights
ETH price is slowly moving higher above $316, but struggling to gain momentum against the US Dollar.
There are two bullish trend lines with support at $330 and $310 forming on the 4-hours chart of ETH/USD (data feed via SimpleFX).
The pair needs to gain momentum to overcome sellers around the $344 zone in the near term.
Ethereum price is in uptrend against the US Dollar and Bitcoin, but ETH/USD has to gain traction to continue moving higher.
Ethereum Price Resistance
This past week was mostly ranging with minor bullish tone above the $310 level in ETH price against the US Dollar. The price dipped on a couple of occasions, but found support and currently trading above the $320 level. The price action is decent and could lift the market sentiment for ETH above $330 in the near term. However, buyers are lacking pace since other cryptos like DASH, XMR and REP gained pace lately. The price of DASH is more than Eth at the moment.
There are many support for ETH on the downside like $310. There are two bullish trend lines with support at $330 and $310 forming on the 4-hours chart of ETH/USD. The pair is already trading above the 50% Fib retracement level of the last decline from the $344.65 high to $289.50 low. However, the price has to gain momentum above the $340 level to break $344 and trade towards $350.
At the moment, the price is struggling to clear the 76.4% Fib retracement level of the last decline from the $344.65 high to $289.50 low. Once there is a proper close above $344, we can witness heavy gains in the short term towards $350 or even $375.
4-hours MACD – The MACD is moving nicely in the bullish zone.
4-hours RSI – The RSI is well above 50 level and slowly moving higher.
Major Support Level – $310
Major Resistance Level – $344
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