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Ether Price Analysis – Ethereum Weekly Forecast: Ether Buyers Are Back!

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Ether is grinding higher against the US Dollar while consolidating versus bitcoin. ETH/USD buyers are back in control, increasing chances of a break above $313.00.

Technically, the daily chart indicators are gaining momentum in the bullish territory.

Ether Price is forming a Solid Support

This past week was mostly bullish for ETH/USD as the pair formed a solid support around $285.00, and later started an upside move.

Ethereum Price ETH/USD Weekly Forecast

The 2-hour chart of ETH/USD is showing how the pair formed a bottom near $286.00 before starting a new upside wave. During the upside move, the pair broke a couple of key resistances – $300.00 and $305.00.

There is a clear bullish structure forming with support at $305.00. The mentioned level prevented gains earlier and now acts as a support. In addition, there are two bullish trendlines forming with support at $308.00 on the same chart.

On the upside, the pair is currently struggling to break the $313.00-314.00 resistance area. There were two attempts to break the mentioned resistance and a possible third could be looming in the near future.

The price will most likely break the $313.00 resistance area in the third attempt if it stays above $308.00. That support area is important since it is near the 23.6 percent Fibonacci retracement level of the last leg from the $286.72 low to $313.93 high.

Should the price fail to break $313.00, there is a risk of a downside move towards $305.00 in the short term. Any further declines would take the price towards the 50 percent Fibonacci retracement level of the last leg from the $286.72 low to $313.93 high near $300.00, which is a major support.

Ether Price Weekly Analysis Chart

Moving on to the daily chart of ETH/USD, there is a bullish contracting triangle forming with support at $298.00. To the topside, the next major resistance is the 61.8 percent Fibonacci retracement level of the last drop from the $395.41 high to $200.91 low near $321.00.

A successful close above $313.00 could take the price towards $321.00. In the short-to-medium term, ETH/USD remains in the bullish trend and poised to surpass the $313.00 and $321.00 resistance levels.

Disclaimer:

The content on ETHNews.com is provided for informational purposes only and it is not intended to be, and does not, constitute financial advice or any other advice. You should not rely on any ETHNews.com content to make an investment decision. ETHNews.com is not responsible for any investment decision made by you. You are responsible for your own investment research and investment decisions.

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