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Ether Price Analysis – ETH/USD Weekly Forecast: Bullish Reversal In The Cards

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Ether bounced back strongly against the US Dollar and Bitcoin, while ETH/USD is forming a bullish reversal pattern on the daily chart.

Technically, the 4-hour chart indicators are moving higher above their midlines in the bullish territory.

Ether Price Reacts to $175.00 Support

The recent decline in ETH/BTC increased bearish pressures on ETH/USD. However, Ether found support near 0.065BTC against Bitcoin and recovered strongly.

Ethereum ETH/USD Weekly Forecast

As a result, the ETH/USD pair also gained traction and recovered. There was an extension of losses towards the $175.00 support which acted as a strong barrier for sellers and prevented further declines.

In the last weekly analysis, we saw a major break above a bearish trend line at $200.00 on the daily chart of ETH/USD. Later, the pair started consolidating gains and formed a flag pattern.

It seems like the flag pattern is about to complete and the pair may resume its uptrend above $200.00. The current daily candle looks a bullish outside day pattern. If today’s candle closes above yesterday’s high, there is a strong chance of Ether gaining bullish momentum during the coming days.

On the downside, the flag support near $175.00 is a significant pivot zone for Ether’s price. As long as it holds, the price remains poised for an upside move. A close above the flag resistance near $210.00 would open the doors for a bullish reversal during the upcoming week.

Ether Price Weekly Analysis Chart

Looking at the 4-hour chart of ETH/USD, the pair found support just above $175.00 and formed a bullish candle for an upside move. The last two candles are very positive, and the price is currently attempting a break above a bearish trend line at $200.00.

An H4 close above the $200.00 level would be a bullish sign. The price is already above the 23.6 percent Fibonacci retracement level of the last decline from the $256.08 high to $177.99 low.

Therefore, the price looks poised for further gains in the near term. The last few sessions were positive for Ether, suggesting a change in trend for ETH/USD.

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Ether Price Analysis - ETH/USD Weekly Forecast: Bullish Reversal In The Cards
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