Ethereum Price Weekly Analysis – Can ETH/USD Make It?

Key Highlights

  • ETH price struggled twice to break the $317 level against the US Dollar and later moved down.
  • There is a crucial breakout pattern forming with support at $270 on the 4-hours chart of ETH/USD (data feed via SimpleFX).
  • The pair must gain momentum above $302 to gain further in the near term.

Ethereum price is consolidating in the bullish zone against the US Dollar and Bitcoin. ETH/USD must clear $317 for a new monthly high.

Ethereum Price Upside Hurdle

This past week was mostly neutral for ETH price as it remained range bound below $317 against the US Dollar. There were two failures to break the $317 level, but buyers failed to gain momentum. As a result, there were a couple of downside moves towards $270. The downside move was protected by $270 and the 100 simple moving average on the 4-hour chart.

During the past few sessions, there was a downside reaction, but the $270 support is still intact. It looks like a contracting triangle pattern with support at $272-270 is forming on the 4-hours chart of ETH/USD. However, the price already traded below the 23.6% Fib retracement level of the wave from the $176.27 low to $317.19 high. It is a bearish sign, but there are chances of a recovery as long as the price is above $270. A close below the stated $270 support could ignite sharp declines in ETH/USD.

Ethereum Price Weekly Analysis ETH USD

On the upside, the triangle resistance is near $301. A break above $301 would be a positive signal for further gains. Still, the price must break the $317 resistance to continue with the bullish trend. It all depends on which side the pair breaks – either above $317 or below $270.

4-hours MACD – The MACD is slowly moving into the bearish zone.

4-hours RSI – The RSI is currently below the 50 level and heading lower.

Major Support Level – $270

Major Resistance Level – $317

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.

Source: Newsbtc

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