Ethereum Price Weekly Analysis – ETH/USD is Back Bullish

Key Highlights

  • ETH price is trading higher and is placed well above the $650 support area against the US Dollar.
  • There is a crucial bullish trend line forming with support near $680 on the 4-hours chart of ETH/USD (data feed via SimpleFX).
  • The pair might continue to move higher and it might aim the next target as $780 and $800.

Ethereum price is back in the bullish zone against the US Dollar and Bitcoin. ETH/USD is gaining pace and is about to move higher towards $800.

Ethereum Price Trend

There was a nice upside move this past week above the $600 and $700 levels in ETH price against the US Dollar. The price traded as high as $758 before starting a downside correction. It traded lower sharply and tested the $620 support area and did not test the $600 handle. Later, buyers appeared and pushed the price above the 23.6% Fib retracement level of the last decline from the $758.24 high to $611.12 low.

The current price action is very positive and suggest more gains in ETH/USD in the near term above $650. There are decent technical signs forming and the price has already moved above the 50% Fib retracement level of the last decline from the $758.24 high to $611.12 low. There is also a crucial bullish trend line forming with support near $680 on the 4-hours chart of ETH/USD. Therefore, there are many supports on downside near $680 and $650 to act as a buy zone.

Ethereum Price Weekly Analysis ETH USD

As long as the price is above $650, it would continue to move higher. The next upside target could be the recent high near $758. Above the mentioned level, the price might event trade above the $800 handle in the near term.

4-hours MACD – The MACD has slightly reduced the bullish slope, but it is still showing positive signs.

4-hours RSI – The RSI is currently well above the 50 level.

Major Support Level – $650

Major Resistance Level – $758

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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Source: Newsbtc

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