Ethereum Price Weekly Analysis – ETH/USD Trend Overwhelmingly Bullish

Key Highlights

  • ETH price climbed higher and it recently traded to a new all-time high at $482.17 against the US Dollar.
  • There are two important bullish trend lines forming with support at $448 and $350 on the 4-hours chart of ETH/USD (data feed via SimpleFX).
  • The pair might correct a bit on the downside but remains supported well near $450 and $420.

Ethereum price made heavy gains recently against the US Dollar and Bitcoin. ETH/USD started a short-term correction after trading as high as $482.17.

Ethereum Price Support

There were heavy gains in ETH price this past week as it traded above the $420, $450 and $460 resistance levels against the US Dollar. The price traded to a new all-time high at $482.17 and later started a downside correction. It has moved below the 23.6% Fib retracement level of the last wave from the $398.17 low to $382.17 high. The current move can be seen as a part of a correction from the $482.17 swing high.

On the downside, there are many supports such as $450 and $440. There are two important bullish trend lines forming with support at $448 and $350 on the 4-hours chart of ETH/USD. The first trend line is also near the 50% Fib retracement level of the last wave from the $398.17 low to $382.17 high. Therefore, any major dips from the current levels toward $448-440 remains supported.

Ethereum Price Weekly Analysis ETH USD

Below $440, the next major support is near $418. It looks like there is a chance of ETH testing at least $448 in the near term. However, the overall trend is positive as long as the $350 pivot is intact. On the upside, an initial resistance is around the $480-482 levels. A push above might call for a test of the $500 handle.

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

4-hours RSI – The RSI is correcting lower from the 75 level.

Major Support Level – $448

Major Resistance Level – $482

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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