News Ether Price Analysis - ETH/USD Weekly Forecast: Buyers In...

Ether Price Analysis – ETH/USD Weekly Forecast: Buyers In Control

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Ether made good ground versus the US Dollar to set a bullish path. ETH/USD is currently positioned well to gain momentum above $235.00.

Technically, the daily chart indicators are recovering with a positive bias from the oversold readings.

Ether Price Break Looming?

The ETH/USD pair has been in a steady uptrend identified from the $133.79 rejection level as well as an upward directional pattern on the 2-hour and 4-hour timeframes.

Ethereum ETH/USD Weekly Forecast

On the other hand, the ETH/BTC pair was neutral to bearish, struggling to hold the 0.080BTC support area due to positive sentiment in BTC.

Ether managed to place itself above a crucial support of $200.00. The daily chart of ETH/USD clearly shows a convincing upside break above a bearish trend line at $200.00.

Following the break, the pair started consolidating in a range pattern with resistance near $230.00-235.00. The recent upside move and price action suggest a bullish bias. On the downside, there are two long-term supports forming – $200.00 and $140.00.

Ether Price Analysis Weekly Chart

Dropping down to the hourly chart, the pair recently traded as high as $236.64 and started moving in a range pattern. A breakout of the upper range resistance at $236.00 on the hourly chart can trigger a rise of Ether’s price towards $250.00 and possible breakout of this level to reach further towards $275.00.

An initial support is a bullish trend line at $225.00 on the hourly chart. A downward extension seems unlikely amid Bitcoin’s and Ether’s strength, yet below $220.00, the scale will lean towards the downside, with $210.00 and $200.00 as the next intraday supports.

The overall short-to-medium term bias seems to be bullish for Ether, and any setback towards $210.00-200.00 can be considered only a corrective move.

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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Ether Price Analysis - ETH/USD Weekly Forecast: Buyers In Control
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